Viewing All Flashcards for Business ch. 1
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Answers
An organization that provides goods or services to earn profit
2)
Difference between a business's revenues and its expenses
Everything outside an organization's boundaries that might affect it
The environment in which a firm conducts its operations and derives it revenues
The international forces that affect a business
All the ways by which firms create value for their consituents
The relationship between business and government
The customs, mores, values, and demographic characteristics of the society in which an organization functions
Relevant conditions that exist in the economic system in which a company operates
10)
A nation's system for allocating its resources among its citizens
Resources used in the production of goods and services--labor, capital, entrepreneurs, physical resources, and information resources
Physical and mental capabilities of people as they contribute to economic production
13)
Funds needed to create and operate a business enterprise
14)
Individual who accepts the risks and opportunities involved in creating and operating a new business venture
Tangible items that organizations use in the conduct of their business
Data and other information that businesses use
17)
Economy that relies on a centralized government to control all or most FOP and to make all or most production and allocation decisions
18)
Allows private ownership of FOP and encourages entrepreneurship with profit
19)
Economy in which individuals control production and allocation decisions through supply and demand
20)
Mechanism for exchange between buyers and sellers for a particular good or service
Individual producers and consumers control production
22)
Gov owns and operates selected major industries
23)
Willingness and ability of buyers to purchase a product ( G OR S)
24)
Willingness and ability of producers to offer a G or S for sale
Principle that buyers will purchase(demand) more of a product as its price drops are less as its price increases/ principle that producers will offer (supply) more of a product for sale as its price rises and less as its price drops
Assessment of the relationships among different levels of demand and supply
27)
Graph showing how many units of a product will be demanded at different prices
28)
Graph showing how many units of a product will be supplied at different prices
Profit-maximizing price at which the quantity of goods supplied are equal
Private property, Freedom of choice, Profits, Competition, Functioning legal system
31)
Ownership of the resources used to create wealth in the hands of individuals
Individuals can choose employers of their production, which products to buy, and producers can choose who to fire, and what to produce
33)
When two or more businesses vie for same resources or customers
Trust backed by legal contract
Lots of small providers but nobody is dominant small service
Numerous sellers trying to make their products seem to be different from those of competitors
37)
When an industry has only a handful of sellers
Total value of all goods and services produced within a givin period by a national economy through domestic FOP
39)
The total quantity of G or S produced by an economic system during a given period
40)
Occurs when an economic system experiences wide spread price increases
41)
Level of joblessness among people actively seeking work in an economic system
42)
A period during which aggregate output as measured by GDP declines
43)
A prolonged and deep recession
44)
Affecting MONEY SUPPLY
45)
Manages the collection and spending of TAXES