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Unit 2 Terms
Business Success and Failure
| Term | Definition |
|---|---|
| business cycle | one cycle contains four phases – a cycle can last from eight to ten years |
| monopoly | a business that is the only supplier of a good or service |
| merger | one company combines with or takes over the ownership of one or more other companies |
| strategic alliance | agreements between businesses in which each business commits resources to achieve a common set of objectives. |
| competition | occurs when two or more businesses try to sell the same type of product or service to the same customers |
| off shoring | relocation of a company’s operations to another country. |
| bankruptcy | occurs when a business cannot pay its debts and the court distributes any assets to pay the outstanding debts |
| peak | people invest in ventures, buy real estate and stocks, prices start to rise |
| trough | economic activity is at its lowest level, high unemployment, bankruptcies occur |
| recession | occurs when producers overestimate market demands and over produce |
| recovery | demand for goods and services increases as people replace existing goods |
| strategic alliance | contractual arrangement between two parties that is undertaken to complete a specific task. |
Created by:
Shamil01
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