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42 Cards in this Set
- Front
- Back
What is a business?
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Any activity that seeks to provide good and services to others while operating at a profit.
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Profit
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The amount of money a business earns above and beyond what it spends for salaries and other expenses.
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What is an entrepreneur?
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A person who risks time and money to start and manage a business.
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Revenue
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The total amount of money a business takes in during a given period by selling goods and services.
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What is a loss?
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When a business's expenses are more than its revenues.
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What is a risk?
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The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
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Standard of Living
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The amount of goods and services people can buy with the money they have.
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Quality of life
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The general well-being of a society in terms of political freedom, a clean natural environment,education,health care,safety,free time, and everything else that leads to satisfaction and joy.
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Standard of Living
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The amount of goods and services people can buy with the money they have.
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Stakeholders
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All the people who stand to gain or lose by the policies and activities of a business.
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What is outsourcing?
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Assigning various functions, such as accounting,production,security,maintenance, and legal work, to outside organizations.
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Nonprofit organization
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An organization whose goals do not include making a personal profit for its owners or organizers.
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factors of production
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The resources used to create wealt: land,labor,capital,entreneurship,and knowledge.
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business environment
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The surrounding factors that either help or hinder the developement of businesses.
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technology
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Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more efficient and productive,
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productivity
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The amount of output you generate given the amount of input.
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e-commerce
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the buying and selling of goods and services over the internet.
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database
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An electronic storage file where information is kept; one use of databases is to store vast amounts of information for illegal purposes, such as buying things with it.
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identity theft
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The obtaining of private information about a person, such as social security number and/or credit card number, and using that information for illegal purposes, such as buying things with it.
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what is empowerment?
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Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
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demography
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The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.
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What are goods?
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Tangible products such as computers, food, clothing, cars, and appliances,
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Services
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Intangible products such as education, health care, insurance, recreation, and travel and tourism.
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Economics
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The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
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Macroeconomics
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The part of economics that looks at the operation of a nation's economy as a whole.
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microeconomics
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The part of economics that looks at the behavior of people and organizations in particular markets.
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resource development
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The study of how to increase resources and to create the conditions that will make better use of those resources.
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invisible hand
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A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all.
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Capitalism
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An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.
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Supply
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The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.
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demand
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the quantity of products
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Market price
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The price determined by suppy and demand.
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perfect competition
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The market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product.
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monopolistic competition
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The market situation in which a large number of sellers produce products that are very similar but they are perceived by buyers as different.
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Oligopoly
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A form of competition in which just a few sellers dominate the market.
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monopoly
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A market in which there is only one seller for a product or service.
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socialism
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An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among the people.
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brain drain
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The loss of the best and brightest people to other countries.
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communism
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An economic and political system in which the state (the government) makes almost all economic decisions and owns almost all the major factors of production.
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free-market economics
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Economic systems in which the market largely determines what goods and services get produces, who gets them, and how the economy grows.
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command economies
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Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow.
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mixed economies
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Economic systems in which some allocation of resources is made by the market and some by the government.
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