BUS 100 - Chapter 1 Flashcards
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Questions and Answers

Groups that have a strong interest in the success and outcomes of a business, such as employees, neighbors, or government regulators are called?

stakeholders

The term 'factors of production' refers to the?

Natural, human, and financial resources used to produce goods and services

When a company contracts with another, sometimes in another country to do some of its functions, such as production or accounting, it is known as _____

outsourcing

A product that is tangible and can be touched or held in your hand is known as?

<p>good</p> Signup and view all the answers

The purposes of nonprofit organizations include?

<p>Filling a societal and education need</p> Signup and view all the answers

Total amount of money a business takes in during a given period by selling goods and services is its ________

<p>revenue</p> Signup and view all the answers

Businesses are part of a country's ____

<p>economic system</p> Signup and view all the answers

When expenses are greater than revenue, it is referred to as a?

<p>loss</p> Signup and view all the answers

The amount of goods and services people can buy with the money that they have is known as?

<p>standard of living</p> Signup and view all the answers

Whether a business makes a profit or loss is determined by the difference between the total amount of money a business takes in from sales, known as _________, and the money needed to operate it, known as ______

<p>revenues; expenses</p> Signup and view all the answers

Government policies that favor business include?

<p>Writing laws that support writing enforceable contracts and keeping interference to a minimum</p> Signup and view all the answers

Statistical description of a population using characteristics such as age, gender, and income is known as?

<p>demography</p> Signup and view all the answers

Someone who risks time and money to start and manage a business is called an?

<p>entrepreneur</p> Signup and view all the answers

A business tries to earn a profit by providing _____ and _____ that satisfy people's needs and wants

<p>goods; services</p> Signup and view all the answers

Goods are _____ such as shoes or cars, while services are _____ such as insurance and travel

<p>tangible; intangible</p> Signup and view all the answers

Businesses improve the quality of life in their communities by?

<p>providing jobs for workers and paying taxes</p> Signup and view all the answers

The difference between revenues and the expenses needed to operate the business is known as?

<p>profit or loss</p> Signup and view all the answers

Challenges for new leaders since the global information-based revolution include?

<p>The service era is coming to a close and learning about world quality standards</p> Signup and view all the answers

Economic well-being and the quality of life improve when businesses create more jobs because?

<p>people can purchase more goods and services</p> Signup and view all the answers

Global trade means more opportunities, but it also means more global _____

<p>competition</p> Signup and view all the answers

Among the options being considered to reduce the future shortfall in Social Security are?

<p>raising the retirement age and taxes</p> Signup and view all the answers

Governments reduce the risks of entrepreneurship by passing laws that enable business people to write enforceable ______

<p>contracts</p> Signup and view all the answers

Buying and selling goods over the internet is known as?

<p>e-commerce</p> Signup and view all the answers

Retailers scan bar codes on products to build a ______ containing information about customers

<p>database</p> Signup and view all the answers

Changes in the technological environment increases in worldwide _____ in all sectors of the economy, creating exciting challenges for future leaders

<p>competition</p> Signup and view all the answers

The Uniform Commercial Code is important to businesses in the US because?

<p>It makes business agreements such as contracts enforceable by law</p> Signup and view all the answers

One government policy that helps to reduce the risks for businesses is?

<p>Pass laws that enable business people to write enforceable contracts</p> Signup and view all the answers

Globalization has occurred because of?

<p>efficient distribution systems and advances in communication</p> Signup and view all the answers

Groups that stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address are called?

<p>stakeholders</p> Signup and view all the answers

Businesses provide help to the communities they are in by helping to provide ,,_____

<p>goods, services, and jobs</p> Signup and view all the answers

Well-being in a society that includes political freedom, safety, and amount of leisure is known as?

<p>quality of life</p> Signup and view all the answers

Flashcards

Stakeholders

Groups interested in a business's success, including employees and regulators.

Factors of Production

Resources such as natural, human, and financial that are essential for producing goods and services.

Outsourcing

Contracting external companies for specific business functions, often abroad.

Goods vs. Services

Goods are tangible products; services are intangible offerings.

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Nonprofit Organizations

Entities that aim to fulfill societal needs instead of generating profits.

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Revenue

Total income generated from sales within a specific timeframe.

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Business Loss

Occurs when expenses exceed revenues.

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Standard of Living

A measure of purchasing power based on available goods and services.

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Profit

The positive difference between revenues and operating expenses.

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Economic System

The organized way a country manages its economic activity through businesses.

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Government Policies

Laws created to support business through enforceable contracts and reduced interference.

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Demography

The statistical study of population characteristics like age and income.

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Entrepreneur

A person who takes risks and invests resources to start and manage a business.

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Profit Motive

The desire to earn profits by providing goods and services that meet consumer needs.

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Service Era

A period where services dominated the economy, which is now declining.

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Job Creation

The process of generating new employment opportunities, leading to economic well-being.

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Global Trade

The exchange of goods and services across international borders, increasing competition.

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Social Security Strategy

Options to address future shortfalls, like increasing retirement age and taxes.

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Entrepreneurship Risks

The uncertainties in starting a new venture, mitigated by enforceable contracts.

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Uniform Commercial Code

A set of laws ensuring business agreements and contracts are legally binding.

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E-commerce

Buying and selling goods via the internet.

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Barcodes

A method retailers use to compile databases of customer information.

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Technological Changes

Advancements affecting competition across economic sectors.

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Globalization

The proliferation of businesses across borders due to distribution systems and communication advances.

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Community Contributions

The ways businesses support their communities by providing jobs and services.

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Quality of Life

Factors contributing to societal well-being, such as safety and freedom.

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Study Notes

Business Fundamentals and Key Terms

  • Stakeholders are groups interested in a business's success, including employees, neighbors, and regulators.
  • Factors of production encompass natural, human, and financial resources essential for producing goods and services.
  • Outsourcing occurs when businesses contract external companies, possibly abroad, for certain functions like production or accounting.
  • Goods are tangible products, while services are intangible offerings that fulfill needs and wants.
  • Nonprofit organizations aim to address societal and educational needs rather than generating profits.

Financial Concepts

  • Revenue is the total income generated from sales within a specified timeframe.
  • A business experiences a loss when its expenses exceed its revenues.
  • Standard of living measures the purchasing power of individuals based on available goods and services.
  • Profit or loss results from the difference between revenues and operating expenses.

Economic Systems and Characteristics

  • Businesses are integral components of a country's economic system.
  • Government policies that bolster business include creating enforceable contracts and minimizing interference.
  • Demography is the statistical study of population characteristics like age, gender, and income.

Entrepreneurship and Business Operations

  • An entrepreneur takes on risks and invests time and money to start and manage a business.
  • Businesses seek to earn profits by providing goods and services that meet consumer needs.
  • The service era is declining, posing challenges for leaders adapting to global quality standards.

Impact on Quality of Life and Employment

  • Economic well-being improves with the creation of jobs, as it increases consumer purchasing power.
  • Global trade introduces more competition, presenting both opportunities and challenges for businesses.
  • Options to address Social Security future shortfalls include increasing the retirement age and taxes.
  • Governments mitigate entrepreneurship risks through laws that allow enforceable contracts.
  • The Uniform Commercial Code ensures that business agreements and contracts are legally binding.

Technological Influence and Globalization

  • E-commerce encompasses the buying and selling of goods via the internet.
  • Retailers utilize barcodes to compile databases that contain customer information.
  • Changes in technology heighten competition across all economic sectors, presenting challenges for future leaders.
  • Globalization is driven by efficient distribution systems and advancements in communication.

Community Contributions and Well-being

  • Businesses contribute to their communities by providing goods, services, and jobs.
  • Quality of life includes societal well-being factors, such as political freedom, safety, and leisure availability.

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Description

Test your knowledge of key concepts from BUS 100 Chapter 1 with these flashcards. Review important terms such as stakeholders, factors of production, and outsourcing. This quiz will help reinforce your understanding of business fundamentals.

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