Volcabulary chapter 1, 2, and 4 with questions Flashcards Table View
Tangible products such as computers, food, clothing, cars, and appliances
Intangible (products that can't be held in your hand) such as education, helth care, insurance, recreation, and travel and tourism.
Any activity that seeks to provide goods and serivices to others while operating at a profit.
Aperson who risk time and money to start and manage a business
The total amount of money a business takes in during a given period by selling goods and services
The amount of money a business earns above and beyond what it spends for salaries and other expenses
when a business expenses are more than it's revenues
The chance an entreprenuer takes of losing time and money on a business that may not prove profitable
refers to the amount of goods and services people can buy with the money they have
standard of living
refers to the general well-being of a society in terms of it's politicial freedom. Natural enviornment, education, healthcare, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
quality of life
are all the people who stand to gain or lose by the polices and activities of a business and whose concerns the business needs to address
means contracting with other companies (often in other countries ) to do some or all the functions of a firm like its production or accounting tasks
An organization whose goals do not include making a personal profit for it's owners or organizers
non profit organization
The resources used to create wealth, land labor capital entreprenuership and knowledge
factors of production
the surrounding factors that either help or hinder the development of businesses
the quantity of products that manufacturers or woners are willing to sell at different prices at a specific time
the quantity of products tha people are willing to buy at different prices at a specific time
the price determined by supply and demand
the degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product.
the degree of competition in which a large number of sellers produce that buyers nevertheless perceive as different
A degree of competition in which just a few sellers dominate the market
a degree of compotition in which only one seller controls the total supply of a product or service, and sets the price
An economic system based on the premise that some, if not most basic businesses should be owned by the government so that profits can be more evenly distributed among the people.
The loss of the best and brightest people to other countries
An economic and politial system in which the government makes almost all ecconomic decisions and owns almost all the major factors of production.
the dimension of social responsibility that includes everything from hiring minority workers to making safe products
the dimension of social responsibilty that refers to the positiion a firm takes on social and political issues
an unethical activity in which insiders use private company information to further their own for tunes or those of their family and friends
A systamatic evalution of an organizations progress toward implementing socially responsible and resposive programs
Standards of moral behavior that is behavior accepted by society as right versus wrong
ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers
compliance-based ethics codes
Ethical standards that define the organizations guiding values create and enviornment that supports ethically sound behavior and stress a shared accountability among employees
integrity- based thics codes
Insiders who report illegal or unethical behavior
A businesses concern for the walfare of sociiety
Corporate social responsibilty
The dimension of social responsibility that includes charitable donations
enhanced forms of corporate philanthropy directly related to the company's competencies
corporate social intiatives
the dimension of social responsibilty that includes everything from hiring minority worker to making save produts
the dimension of social responsibilty that refers to the position a firm takes on social and political issues
An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends