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Business Principles
| Term | Definition |
|---|---|
| wants | things that you do not have, but would like to have |
| needs | things that you must have in order to survive |
| goods | physical products |
| services | tasks that businesses perform for consumers |
| resources | items that people can use to make or obtain what they need or want |
| business | any commercial activity that seeks profit by providing goods and services in exchange for money |
| profit | the money left over after a business has paid the cost of providing its goods and services |
| competition | the contest between businesses to win customers |
| market research | the act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market |
| consumer | a person who uses goods or services |
| scarcity | the lack of resources |
| factors of production | all the economic resources necessary to produce a society's goods and services |
| entrepreneurship | the process of recognizing a business opportunity, testing it in the market, and gathering the resources necessary to start and run a business |
| entrepreneur | an individual who undertakes the creation, organization, and ownership of a business |
| economics | the study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices |
| economic systems | the methods societies use to distribute resources |
| market economy | an economic system in which economic decisions are made in the marketplace |
| price | the amount of money given or asked for when goods and services are bought or sold |
| supply | the amount of goods and services that producers will provide at various prices |
| demand | the amount of quantity of goods and services that consumers are willing to buy at various prices |
| equilibrium price | the point at which the quantity demanded and the quantity supplies meet |
| command economy | an economic system in which central authority makes the key economic decisions |
| mixed economy | an economy that contains both private and public enterprises |
| gross domestic product (GDP) | the total value of the goods and services produced in a country in a given year |
| standard of living | the level of material comfort as measured by the goods and services that are available |
| unemployment rate | measures the number of people who are able and willing to work but cannot find work during a given period |
| inflation | a general increase in the price of goods and services |
| deflation | a general decrease in the price of goods and services |
| budget deficit | when the government spends more on programs than it collects in taxes |
| national debt | the total amount of money a government owes |
| budget surplus | when a government's revenue exceeds its expenditures during a one-year period |
| business cycle | the rise and fall of economic activity over time |
| ethics | moral principles by which people conduct themselves personally, socially, or professionally |
| business ethics | rules based on moral principles about how business and employees ought to conduct themselves |
| code of ethics | a set of guidelines for maintaining ethics in the workplace |
| sweatshop | a shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions |
| conflict of interest | a conflict between self-interest and professional obligation |
| social responsibility | the duty to do what is best for the good of society |
| decision-making process | 1. Identify the situation 2. Identify possible courses of action 3. Determine the pros and cons 4. Make the decision 5. Evaluate the decision |
| factors of production | 1. Natural resources 2. Labor resources 3. Capital resources 4. Entrepreneurial resources |
| four economic shifts | 1. 1600s service-based economy 2. 1700s agriculture-based economy 3. 1850s industry-based economy 4. 1900s information-based economy |
| four stages of the business cycle | prosperity, recession, depression, recovery |
| osha | occupational safety and health administration |
| three ethical questions | what should be produced? how should it be produced? who should share in what is produced? |
| ethical decision-making process | 1. Identify the ethical dilemma 2. Discover alternative actions 3. Decide who might be affected 4. List the probable effects of the alternatives 5. Select the best alternative |
Created by:
jukflash
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