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BM&F Final
Business, maketing, and finance: Final
| Question | Answer |
|---|---|
| Needs | Necessary wants such as food, shelter, and clothing |
| Goods | Can be physically weighed or measured |
| Services | Tasks that people or machines perform |
| Wants | Things you wish you could have |
| Business | any activity that seeks profit by providing goods or services to others |
| Profit | the amount of money left over after a business has paid ots costs |
| Competition | the contest between businesses to win customers |
| consumer | a person who selects, purchases, uses, or disposes of goods or services |
| natural resources | the raw materials found in nature |
| human resources | the knowledge, efforts, and skills people bring to work |
| capital resources | the things used to produce goods and services |
| entrepreneurial resources | the initiative to improve goods and services or create new ones |
| gross domestic product (GDP) | the total value of the goods and services produced in a country in a given year |
| standard of living | the amount of goods and services the average citizen can buy |
| Business Cycle | PROSPERITY -> RECESSION -> DEPRESSION -> RECOVERY |
| entrepreneurship | a business started by someone who noticed a need for a product or service |
| sole proprietorship | a business owned by only one person |
| partnership | a business owned by two or more people who share the risks and rewards |
| corporation | a business owned by many people but treated by law as one person |
| franchise | a contractual agreement to sell a company's products or sevices in a designated geographic area |
| imports | goods and service that a country buys from another country |
| exports | goods and services that one country sells to another country |
| interest | a rate that the bank pays you for keeping your money there |
| market | a group of customers who all share common wants and needs |
| organizational structure | The typically hierarchical arrangement of lines of authority, communications, rights and duties of an organization. |
| Prosperity | the peak of the business cycle, it is a period in which most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of gross domestic product (GDP) growth increases. |
| Depression | the phase of the business cycle that is marked by a prolonged period of high unemployment, weak consumer sales, and business failures. |
| Recession | the phase of the business cycle in which demand begins to decrease, businesses lower production, unemployment begins to rise, and gross domestic product (GDP) growth slows for two or more quarters of the calendar year. |
| Recovery | the phase in the business cycle in which unemployment begins to decrease, demand for goods and services increases, and gross domestic product (GDP) begins to rise again. |
| Business Cycle | the movement of the economy from one condition to another and back again. The four phases are prosperity, recession, depression, and recovery. |
Created by:
helenna_ig
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