Business Day 1 Exam 1 Flashcards

Money that a business earns in sales, or revenue, minus expenses.

Occurs when a business incurs expenses that are greater than its revenues.

<p>People who risk their time, money, and other resources.</p> Signup and view all the answers

<p>Business-like establishments that employ people and produce goods and services</p> Signup and view all the answers

<p>Natural resources, capital, human resources, entrepreneurship</p> Signup and view all the answers

<p>Inputs that offer value in their natural state.</p> Signup and view all the answers

<p>Synthetic resources that a business needs to produce goods or services.</p> Signup and view all the answers

<p>Physical, intellectual, and creative contributions of everyone who works within an economy.</p> Signup and view all the answers

<p>Creating opportunities by harnessing other factors of production.</p> Signup and view all the answers

<p>Economic, social, global, competitive, technological</p> Signup and view all the answers

<p>Governments take active steps to reduce the risks of business, to stabilize the economy, and to induce growth.</p> Signup and view all the answers

<p>Companies develop long-term, mutually beneficial relationships with customers.</p> Signup and view all the answers

<p>Rate at which a new product moves from conception to commercialization.</p> Signup and view all the answers

<p>Impact of digital technology has transformed businesses.</p> Signup and view all the answers

<p>Embodies the values, attitudes, customs, and beliefs shared by groups of people.</p> Signup and view all the answers

<p>Technology and free trade have blurred lines between individual economies in the world.</p> Signup and view all the answers

<p>Financial and social system of how resources flow through society.</p> Signup and view all the answers

<p>Study of the choices made by people, companies, and governments to allocate society's resources.</p> Signup and view all the answers

<p>Study of a country's overall economic dynamics like employment rates, gross domestic product, and taxation policies.</p> Signup and view all the answers

<p>Study of smaller economic units like individual consumers, families, and individual businesses.</p> Signup and view all the answers

<p>Government efforts to influence the economy through taxation and spending.</p> Signup and view all the answers

<p>Overage that occurs when revenue is higher than expenses over a given period of time.</p> Signup and view all the answers

<p>Shortfall that occurs when expenses are higher than revenue over a given period of time.</p> Signup and view all the answers

<p>Sum of all the money that the federal government has borrowed over the years and not yet repaid.</p> Signup and view all the answers

<p>Federal Reserve decisions that shape the economy by influencing interest rates and the supply of money.</p> Signup and view all the answers

<p>Perform banking services for commercial banks in their districts.</p> Signup and view all the answers

<p>Measure of money supply that includes only the most liquid forms of money.</p> Signup and view all the answers

<p>Government-issued paper money and metal coins.</p> Signup and view all the answers

<p>Bank account funds, owned by the depositor, that may be withdrawn at any time by check or cash.</p> Signup and view all the answers

<p>Measure of the money supply that includes all the components of M-1 plus the forms of money that can be easily converted into spendable forms.</p> Signup and view all the answers

<p>Bank funds that have a fixed term of time to maturity and cannot be withdrawn earlier or transferred by check.</p> Signup and view all the answers

<p>Fund of short-term, low-risk financial securities purchased with the pooled assets of investor-owners.</p> Signup and view all the answers

<p>The quantity of products that producers are willing to offer for sale at different market prices.</p> Signup and view all the answers

<p>The quantity of products that consumers are willing to buy at different market prices.</p> Signup and view all the answers

<p>Economic system based on private ownership, economic freedom, and fair competition.</p> Signup and view all the answers

<p>Right to own a business and keep after-tax profits</p> Signup and view all the answers

<p>Government owns and operates key enterprises that directly affect public welfare.</p> Signup and view all the answers

<p>Calls for public ownership of all enterprises under the direction of a strong central government.</p> Signup and view all the answers

<p>Embodies elements of planned and market-based economic systems.</p> Signup and view all the answers

<p>Process of converting government-owned business to private ownership.</p> Signup and view all the answers

<p>Total value of all final goods and services produced within a nation's physical boundaries over a given period of time.</p> Signup and view all the answers

<p>Percentage of people in the labor force over age 16 who do not have jobs and are seeking employment.</p> Signup and view all the answers

<p>Periodic contraction and expansion of the economy.</p> Signup and view all the answers

<p>Period of economic downturn marked by rising unemployment.</p> Signup and view all the answers

<p>Marked by a decrease in the GDP for two consecutive quarters.</p> Signup and view all the answers

<p>Long-lasting economic downturn.</p> Signup and view all the answers

<p>Period of rising economic growth and employment.</p> Signup and view all the answers

<p>Period of strong economic growth and high employment.</p> Signup and view all the answers

<p>Period of rising average prices across the economy.</p> Signup and view all the answers

<p>Average monthly inflation rate of more than 50 percent.</p> Signup and view all the answers

<p>Period of slowing average price increases.</p> Signup and view all the answers

<p>Period of falling average prices.</p> Signup and view all the answers

<p>Evaluates the change in the weighted-average price of goods and services that an average consumer buys each month.</p> Signup and view all the answers

<p>Evaluates the change over time in the weighted-average wholesale prices.</p> Signup and view all the answers

<p>Relationship between the production of goods and services and the resources required to produce them.</p> Signup and view all the answers

<p>Opportunity of giving up the second-best choice when making a decision.</p> Signup and view all the answers

<p>Benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries.</p> Signup and view all the answers

<p>Overage that occurs when the total value of a nation's exports is higher than the total value of its imports.</p> Signup and view all the answers

<p>Shortfall that occurs when the total value of a nation's imports is higher than the total value of its exports.</p> Signup and view all the answers

<p>Measure the value of one nation's currency relative to the currency of other nations.</p> Signup and view all the answers

<p>Contracting with foreign suppliers to produce products.</p> Signup and view all the answers

<p>Buying products domestically that have been produced or grown in foreign nations.</p> Signup and view all the answers

<p>Selling products in foreign nations that have been produced or grown domestically.</p> Signup and view all the answers

<p>Authority granted by a domestic firm to a foreign firm.</p> Signup and view all the answers

<p>Firm offers businesses in other countries the right to produce and market its products according to specific operating requirements.</p> Signup and view all the answers

<p>Firms acquire foreign firms or develop new facilities from the ground up in foreign countries.</p> Signup and view all the answers

<p>When two or more companies join forces to pursue specific opportunities.</p> Signup and view all the answers

<p>Voluntary agreement in which two or more people act as co-owners of a business for profit.</p> Signup and view all the answers

<p>Agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses.</p> Signup and view all the answers

<p>Sociocultural differences, economic differences, political &amp; legal differences</p> Signup and view all the answers

<p>Differences among cultures in language, attitudes, and values.</p> Signup and view all the answers

<p>Differences in infrastructure - physical facilities that support economic activity.</p> Signup and view all the answers

<p>Differences complying with international legal standards and laws of their own and host countries.</p> Signup and view all the answers

<p>National policies designed to restrict international trade.</p> Signup and view all the answers

<p>Taxes levied against imports.</p> Signup and view all the answers

<p>Limitations on the amount of specific products that may be imported.</p> Signup and view all the answers

<p>Limitations on the amounts of specific products that one nation will export to another nation.</p> Signup and view all the answers

<p>Complete ban on international trade of a certain item or with a particular nation.</p> Signup and view all the answers

<p>Unrestricted movement of goods and services across international borders.</p> Signup and view all the answers

<p>Group of countries that have reduced or eliminated tariffs, allowing free flow of goods among member nations.</p> Signup and view all the answers

<p>Group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among member nations.</p> Signup and view all the answers

<p>Total flow of money into or out of a country.</p> Signup and view all the answers

<p>More money flows in than out.</p> Signup and view all the answers

<p>More money flows out than in.</p> Signup and view all the answers

<p>The three factors that contribute to fraudulent activity by employees: opportunity, financial pressure, and rationalization.</p> Signup and view all the answers

<p>Ethical norms that apply to people across a broad spectrum of situations.</p> Signup and view all the answers

<p>Application of right and wrong, good and bad, in a business setting.</p> Signup and view all the answers

<p>Formal written document that defines the ethical standards of an organization.</p> Signup and view all the answers

<p>Employees who report their employer's illegal or unethical behavior to either the authorities or the media.</p> Signup and view all the answers

<p>Occurs when a resource held in common by all but owned by no one is overused by individuals, resulting in its degradation.</p> Signup and view all the answers

<p>Groups that have stakes in the performance of an organization.</p> Signup and view all the answers

<p>Social movement focusing on consumer rights.</p> Signup and view all the answers

<p>Deliberately designing products to fail in order to shorten the time between purchases.</p> Signup and view all the answers

<p>Sets higher ethical standards for public corporations and accounting firms.</p> Signup and view all the answers

<p>Business donations to nonprofit groups.</p> Signup and view all the answers

<p>Contributions through the actions of the business itself rather than donations of money and time.</p> Signup and view all the answers

<p>Doing business to meet the needs of the current generation without harming the ability of future generations to meet their needs.</p> Signup and view all the answers

<p>Amount of harmful greenhouse gases that a firm emits throughout its operations.</p> Signup and view all the answers