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Bus 110

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Bus 110

Midterm Terms

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Capital
 
A collective term for both the funds used to finance a company's operations and its physical, man-made assets such as factories and computers
Capitalism
 
Economic system based on economic freedom, private ownership, and competition
Communism
 
Economic system in which the government owns and operates all productive resources and determines all significant economic choices.
Consumer Price Index (CPI)
 
Monthy statistic that measures changes in the prices of about 400 goods and services that consumers buy
Economic Indicators (How are they used?)
 
Statistics that measure significant variables in the economy -Used for watching the performance of the economy
Economics
 
The study of how society uses scarce resources to produce and distribute goods and services
Microeconomics
 
The study of how consumers, businesses, and industries collectively determine the quantity of goods and services demanded and supplied at different prices
Economics
 
The study of how society uses resources to produce and distribute goods and services
Microeconomics
 
The study of how consumers, businesses, and industries collectively determine the quantity of goods and services demanded and supplied at different prices
Macroeconomics
 
The study of "big picture" issues in an economy including competitive behavior among firms, the effect of government policies, and overall resource allocation issues
fiscal policy
 
Use of government revenue collection and spending to influence the business cycle
free market system
 
Economic system in which decisions about what to produce and in what quantities are decided by the market's buyers and sellers
gross domestic product (GDP)
 
Value of all the final goods and services produced by businesses located within a nations borders; excludes receipts from overseas operations of domestic companies
gross national product (GNP)
 
Value of all the final goods and services produced by domestic businesses that includes receipts from overseas operations and excludes receipts from foreign owned businesses within a nation's borders
Recession
 
Period during which national income, employment, and production all fall
Stakeholders
 
Individuals or groups to whom business has a responsibility
Socialism
 
Economic system characterized by public ownership and operation of key industries combined with private ownership and operation of less vital industries
Affirmative action
 
Activities undertaken by businesses to recruit and promote women and minorities, based on an analysis of the workforce and the available labor pool
Consumerism
 
Movement that pressures businesses to consider consumer needs and interests
Corporate social responsiblity
 
The concern of businesses for the welfare of society as a whole
Ethical Dilemma
 
Situation in which both sides of an issue can be supported with valid agruments
Justice
 
The resolution of ethical questions and other dilemmas in a manner that is consistent with generally accepted standards of right and wrong
Whistle-blowing
 
The disclosure of information by a company insider that exposes illegal or unethical behavior on the part of the organization
Balance of payments
 
Sum of all payments one nation receives from other nations minus the sum of all payments it makes to other nations, over some specified period of time
Comparitive advantage theory
 
Theory that states that a country should produce and sell to other countries those items it produces most efficiently
Economies of scale
 
Savings from buying parts and materials, manufacturing, or marketing in large quantities
Ethnocentrism
 
Judging all other groups according to your own group's standards, behaviors, and customs
Exchange rate
 
Rate at which the money of ones counrty is trades for the money of another
Protectionism
 
Government policies aimed at shielding a country's industries from foreign competition
Tariffs
 
Taxes levied on imports
Trade deficit
 
Unfavorable trade balance created when a counry imports more than it exports
Trading blocs
 
Organizations of nations that remove barriers to trade among their memebers and that establish uniform barriers to trade with nonmember nations
Chief Information Officer (CIO)
 
A high-level executive responsible for understanding the company's information needs and creating systems and procedures to deliver that information to the right people at the right time
Data mining
 
A method of extracting previously unknown relationships among individual data points in a database
e-commerce
 
Short for 'electronic commerce', which refers to marketing and selling products over the internet
Extranets
 
Websites that are similar to intranets but also allow access by trusted outside business partners
Intellectual property
 
A wide range of creative outputs with commercial value, such as design ideas, manufacturing processes, brands, and chemical formulas
Malware
 
shorts for 'malicious software'; an unbrella term for illicit software with destructive, invasive, or criminal intent
Wi-Fi
 
A wireless alternative for LANs; short for 'wireless fidelity'
Metacrawlers
 
Online tools that format search requests for the specific requirements of multiple search engines
Board of directors
 
Group of people, elected by the shareholders, who have the ultimate authority in guiding the affairs of a corporation
Common stock
 
Shares whose owners have voting rights and have the last claim on distributed profits and assets
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