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Introduction to Business Review

What do you need to product goods and services?
a society needs natural resources, human resources, capital resources, and entrepreneurial resources
Inflation
reduces the purchasing power of money
Labor – give an example
managers, supervisors, workers
Service
tasks that people or machines perform for payment
The Federal Reserve
has the most responsibility for maintaining a sound banking system and as a result a healthy economy
Scarcity
shortage of resources
Nonrenewable
limited resources
GDP (gross domestic product)
Value of goods and services produced by a country
Standards of money
portable, durable, stable in value
Law of Demand
Buy less of an item at a higher price than at a lower price
Competition
When a company differentiates it’s product from other companies’ products
Law of Supply
Produce more of an item at a higher price
The business environment
is/are the external and internal circumstances that surround the business
Boom/Peak/Expansion
Maximum employment in the economy, experience growth
Recession
GDP is slowing down
Recovery
inflation rate rises and unemployment decreases
Trough/Depression
massive cutbacks by businesses
Communist Economy
everyone gets equal treatment. However, there is a lack of motivation and there is no individual decision making. In addition, the central government handles all problems and makes all decisions
Capitalist Economy
competition promotes lower prices and higher quality;
Accounting equation
A=L+OE
CPA
Certified Public Accountant, Accounting degree, 150 college credit hours, and pass test
Owener’s Equity
Include cash investment by the owner, and sales
Dow Jones Industrial Average
most popular and widely used stock index
Assets
Cash, equipment, prepaid insurance, and supplies are all examples
capital gain
selling a stock for more than what you paid for it
Accountant
person who has the ability to analyze a company’s financial reports
Income stocks
High dividends and stable prices
Consumer Staples
Like toothpaste, is least likely of the industries of teh economy to be affected by the business cycle
liability
An amount of money owed by the company
Growth stocks
Higher risk and volatile (very sudden change) prices
blue chip stock
Stock of large, stable company with dividends
a diversified portfolio
investing money in a variety of industries (Kraft, Ford, Apple, American Express)
4 Ps of Marketing (Marketing Mix)
Product, Place, Price, Promotion
bullish
an investor’s strategy of “buy low, and sell high.
Situational Leadership Theory
, one should lead employees according to the level of experience they have in the position.
Unlimited liability
a disadvantage of a sole proprietorship; you are responsible for all debts
entrepreneur
work long hours, but keep all profits
franchise
must pay fees, have little choices in how to run the business, have brand recognition, assistance with running the company
franchise
A legal agreement between two parties that gives an individual the right to market a company’s products or services in a particular area
Business plan
a written description of a new business idea which describes all aspects of the business
Marketing
process of developing, promoting, and distributing a product
Distribution
function of marketing involves moving goods from the manufacturer to the end user
Target Market
a group of potential customers with similar wants and needs towards whom you focus marketing efforts
demographics
examples include: age, income, education, gender, ethnicity, family unit
Psychographics
examples include enjoys wearing athletic wear, likes the color pink, is a runner, enjoys reading, saves/invests money
Effective managers
use a variety of leadership styles
future leaders
need to supply both a vision and a moral and ethical foundation for growth for companies
sole proprietor
are the only owner of a business; disadvantage: lack of knowledge in all subject matter
corporation
Advantage of this type of business ownership is: limited liability, ease of obtaining financial capital
Free Rein Leadership
when you give employees the option to make decision regarding the bsuiness
Democratic Leadership
managers and employees working together to make decisions
Autocratic Leadership
You dictate to employees exactly what they are to do (no input from the employees)
Jurors
must be unbias
perjury
A witness that has not told the truth; lied on the stand
Leading
asking a yes/no question
irrelevant
not related to the case
hearsay
didn’t hear, see, or feel
Opening statement
allows for the prosecutor and defendant to give brief preview of what they will say
what is the difference between a trial by judge vs jury?
It’s who will decided the case
closing statement
summarizing facts stated by an attorney at the end of the trial
direct examination
The initial questioning of a witness by a prosecutor
Overruled
judge disagrees with an attorney’s objection
sustained
judge agrees with an attorney’s objection
import
products from another country
export
ship products to other countries
Code of Ethics
Most businesses police themselves by setting and following this strict set of guidelines for maintaining ethics in the workplace
Advantages to trading with other countries
Large global markets, Increased productivity, Inspiring innovation
Comparative Advantage
theory that states a country should sell to other countries those products that it produces most efficiently and effectively, and buy from other countries those products that it cannot produce as efficiently or effectively
Trade Surplus
A favorable balance of trade that occurs when the value of a country’s exports exceeds that of its imports
cross examination
Allows the defense lawyer to ask questions to the witness after the prosecutor has finished questioning
Bailiff
this is who the jury initially notifies when a decision is made in a court case
Mrs. Bell
Best Intro to Business teacher
direct mail/marketing
text messages, mail, email
advertising
TV & radio commercials, magazine ads, social media, billboards

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