Troy BUS 6600 Exam Study Guide.
Business - answerany activity that seeks to provide goods and services to others while
operating at a profit
business environment - answerthe surrounding factors that either help or hinder the
development of businesses
climate change - answera change in the plan...
Business - answer✔✔any activity that seeks to provide goods and services to others while
operating at a profit
business environment - answer✔✔the surrounding factors that either help or hinder the
development of businesses
climate change - answer✔✔a change in the planet's temperature over time
database - answer✔✔a collection of organized data that allows access, retrieval, and use of data
Demography - answer✔✔The scientific study of population characteristics.
e-commerce - answer✔✔the buying and selling of goods over the internet
Entrepreneur - answer✔✔A person who risks time and money to start and manage a business
Empowerment - answer✔✔giving employees the authority to correct a problem without first
checking with management
factors of production - answer✔✔the resources that are used to create wealth
goods - answer✔✔Items purchased to satisfy needs and wants
Greening - answer✔✔the trend toward saving energy and producing products that cause less
harm to the environment
identity theft - answer✔✔The forging of someone's identity for the purpose of fraud
loss - answer✔✔when a business's expenses are more than its revenues
non-profit organization - answer✔✔an organization whose goals do not include making a
personal profit for its owners or organizers
outsourcing - answer✔✔Contracting with other companies (often in other countries) to do some
or all of the functions of a firm, like its production or accounting tasks.
productivity - answer✔✔The value of a particular product compared to the amount of labor
needed to make it.
profit - answer✔✔The financial gain made in a transaction
quality of life - answer✔✔the standard of health, comfort, and happiness experienced by an
individual or group.
revenue - answer✔✔income
risk - answer✔✔Degree of uncertainty of return on an asset; in business, the likelihood of loss or
reduced profit.
services - answer✔✔intangible products
stakeholders - answer✔✔All the people who stand to gain or lose by the policies and activities of
a business and whose concerns the business needs to address.
Standards of living - answer✔✔the amount of goods and services people can buy with the
money they have
business cycle - answer✔✔periodic growth and contraction of the economy
Capiltalism - answer✔✔an economic system in which the factors of production and distribution
are privately owned and operated for a profit
command economy - answer✔✔An economic system in which the government controls a
country's economy.
Communism - answer✔✔A theory or system of social organization based on the holding of all
property in common, actual ownership being ascribed to the community as a whole or to the
state.
Consumer Price Index (CPI) - answer✔✔monthly statistics that measure the pace of inflation or
deflation
core inflation - answer✔✔CPI minus food and energy costs
deflation - answer✔✔A situation in which prices are declining
demand - answer✔✔Consumer willingness and ability to buy products
depression - answer✔✔A period of low economic activity and rising unemployment
Disinflation - answer✔✔a situation in which price increases are slowing (the inflation rate is
declining)
Economics - answer✔✔The study of how people seek to satisfy their needs and wants by making
choices
fiscal policy - answer✔✔Government policy that attempts to manage the economy by controlling
taxing and spending.
free market economy - answer✔✔Capitalism, private ownership law of supply and demand
Gross Domestic Product (GDP) - answer✔✔A measurement of the total goods and services
produced within a country.
Gross Output (GO) - answer✔✔A measure of total sales volume at all stages of production
Inflation - answer✔✔A general and progressive increase in prices
invisible hand - answer✔✔term economists use to describe the self-regulating nature of the
marketplace
Keynesian economics - answer✔✔Theory based on the principles of John Maynard Keynes,
stating that government spending should increase during business slumps and be curbed during
booms.
Macroeconomics - answer✔✔The study of the economy as a whole
market price - answer✔✔the price determined by supply and demand
Microeconomics - answer✔✔The study of how households and firms make choices, how they
interact in markets, and how the government attempts to influence their choices.
mixed economy - answer✔✔market-based economic system with limited government
involvement
monetary policy - answer✔✔Government policy that attempts to manage the economy by
controlling the money supply and thus interest rates.
monopolistic competition - answer✔✔a market structure in which many companies sell products
that are similar but not identical
Monopoly - answer✔✔A market in which there are many buyers but only one seller.
national debt - answer✔✔The sum of government deficits over time.
Oligopoly - answer✔✔A market structure in which a few large firms dominate a market
perfect competition - answer✔✔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
Producer Price Index (PPI) - answer✔✔An index that measures prices at the wholesale level.
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