Deca Scdc

Front 1

communism

Back 1

economic and political philosophy where the government owns all of the industry and provides for its people

Front 2

insurance

Back 2

a form of risk management known as a risk transfer. with insurance, businesses can transfer their risk to the insurance company. the insurance company would cover the potential loss of property or people

Front 3

staff meeting

Back 3

regularly used to schedule meetings. The meetings are often held so that staff members can provide an update on any projects they may be working on

Front 4

surplus

Back 4

occurs when supply exceeds demand

Front 5

initiative

Back 5

doing what needs to be done without having to be prompted by others

Front 6

land

Back 6

includes all the resources that are from the land, sea, or air (these are considered raw materials)

Front 7

executive summary

Back 7

an introduction and overview of the information contained in a written plan

Front 8

accounting

Back 8

a system to manage and control a business's finances

Front 9

private enterprise

Back 9

another term for a market economy, characterized by and individual's right to: private property, freedom of choice, profit, or competition

Front 10

dividends

Back 10

the cash payment of profits from a corporation to its share holders

Front 11

inflation

Back 11

when prices rise. low inflation is characteristic of a stable economy

Front 12

marketing

Back 12

the process of planning, pricing, promoting, selling, and distributing products that will satisfy the needs of costumers and ensure a profit for the business

Front 13

labor

Back 13

includes all the resource of the people that work

Front 14

market economy

Back 14

the government is not involved in business and the economic decisions are made by individuals and companies

Front 15

competition

Back 15

occurs between businesses trying to gain customers, keep existing customers and take customers from their competitors

Front 16

general partnership

Back 16

a type of ownership where each partner has unlimited liability

Front 17

job application

Back 17

a form that gathers information about potential, employees. typical info may include: name, address, education, previous experience, special training, and references

Front 18

socialism

Back 18

an economic and political philosophy where the government provides for the people and owns many of the industries that provide necessary goods and services

Front 19

project plan

Back 19

a written description that includes goals/ objectives and how they will be achieved

Front 20

costs of goods sold

Back 20

the amount spent to produce and purchase goods that are sold in the business

Front 21

gross domestic product

Back 21

(GDP) a measure of the total output of goods and services that are produced by a country

Front 22

customer service mindset

Back 22

a belief that the customer if the most important priority of the business

Front 23

networking

Back 23

a way for business people to meet others that are in business and build a list of contacts that can be used for the future reference or projects

Front 24

investments

Back 24

when money is used to make more money

Front 25

project management

Back 25

involves managing specific activities of the business