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50 notecards = 13 pages (4 cards per page)

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Business Chapter 1

front 1

sustainability

back 1

meeting the needs of the present without compromising the ability of future generations to meet their own needs

front 2

social media

back 2

the online interaction that allows people and businesses to communicate and share ideas, personal information, and informations about products or services.

front 3

service economy

back 3

an economy in which more effort is devoted to the production of services than to the production of goods

front 4

e-business

back 4

the organized effort of individuals to produce and sell through the internet, for a profit, the products and services that satisfy society's needs

front 5

specialization

back 5

the separation of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals

front 6

factory system

back 6

a system of manufacturing in which all the materials, machinery, and workers require to manufacture a product are assembled in one place

front 7

domestic system

back 7

a method of manufacturing in which an entrepreneur distributes raw materials to various homes, where families process them into finished goods to be offered for sale by the merchant entrepreneur

front 8

barter

back 8

a system of exchange in which goods or services are traded directly for other goods or services without using money

front 9

standard of living

back 9

a loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services.

front 10

natural monopoly

back 10

an industry requiring huge investments in capital and within which any duplication of facilities would be wasteful and thus not in the public interest.

front 11

monopoly

back 11

a market or industry with only one seller, and there are other barriers oto keep other firms from entering the industry.

front 12

oligopoly

back 12

a market or industry in which there are few sellers

front 13

product differentiation

back 13

the process of developing and promoting differences between one's products and all competitive products.

front 14

market price

back 14

the price at which the quantity demanded is exactly equal to the quantity supplied. (refer to figure 1.7)

front 15

demand

back 15

the quantity of a product that buyers are willing to purchase at each of various prices

front 16

supply

back 16

the quantity of a product that producers are willing to sell at each of various prices

front 17

perfect (pure) compeition

back 17

the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product

front 18

competition

back 18

rivalry among businesses for sales to potential customers

front 19

National debt

back 19

the total of all federal deficits

front 20

Fiscal policy

back 20

government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending

front 21

monetary policies

back 21

Federal Reserve decisions that determine the size of the supply of money in the nation and the level of interest rates

front 22

depression

back 22

a severe recession that lasts longer than a typical recession and has a larger decline in business activity when compared to a recession

front 23

recession

back 23

two or more consecutive three-month periods of decline in a country's GDP

front 24

business cycle

back 24

the recurrence of periods of growth and recession in a nation's economic activity

front 25

producer price index (PPI)

back 25

an index that measures prices that producers receive for their finished goods

front 26

consumer price index (CPI)

back 26

a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area

front 27

unemployment rate

back 27

the percentage of a nation's labor force unemployed at any time

front 28

deflation

back 28

a general decrease in the level of prices

front 29

inflation

back 29

a general rise in the level of prices

front 30

Gross Domestic Product

back 30

the total dollar value of all goods and services produced by all people within the boundaries of a country during a one year period.

front 31

productivity

back 31

the average level of output per worker per hour

front 32

command economy

back 32

an economic system in which the government decides what goods and services will be produced, how they will be, for whom will they, and who owns and controls the major factors of production

front 33

consumer products

back 33

goods and services purchased by individuals for personal consumption

front 34

mixed economy

back 34

an economy that exhibits elements of both capitalism and socialism

front 35

Market economy

back 35

an economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices

front 36

Invisible hand

back 36

a term created by Adam Smith to describe how an individual's personal gain benefits others and a nation's economy

front 37

Capitalism

back 37

derived from Adam Smith, an economic system in which individuals own and operate the majority of businesses that provide goods and services

front 38

Entrepreneur

back 38

a person who risks time, effort, and money to start and operate a business

front 39

What are the four factors of production?

back 39

CELL! Capital, Entrepreneurship, Land, Labor

front 40

factors of production

back 40

resources used to produce goods and services

front 41

economy

back 41

the way in which people deal with the creation and distribution of wealth

front 42

macroeconomics

back 42

the study of the national economy and the global economy

front 43

microeconomics

back 43

the study of the decisions made by individuals and businesses

front 44

Economics

back 44

the study of how wealth is created and distributed

front 45

Stakeholders

back 45

all the different people or groups of people who are affected by the policies and decisions made by an organization

front 46

Profit

back 46

what remains after all business expenses have been deducted from sales revenue

front 47

Business

back 47

the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs

front 48

Managers must be able to perform five basic management functions?

back 48

planning, organizing, leading, motivating, and controlling

front 49

Cultural Diversity (workplace)

back 49

differences among people in a workforce owing to race, ethnicity, and gender

front 50

Free Enterprise

back 50

The system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it