Why Study Business
Free Enterprise
What is a system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it?
The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs.
What is business?
Mixed economy
What type of economy is the United States?
69 months
What is the average length of the business cycle since WWII?
A necessary and extremely important by-product of capitalism.
What is competition?
70%
What percentage of small businesses fail in the first 10 years?
People who furnish labor.
What is human resources?
The study of the individuals and businesses in an economy.
What is microeconomics?
What is the recovery phase?
Corn, wheat, and peanuts.
What are products that are in a perfect competition market?
Honesty & Integrity, Dependability, Communication Skills, and Professionalism (soft-skills)
What are the skills that employers look for in an employee?
Raw materials, buildings, and machinery
What are material resources?
The study of the national economy and the global economy.
What is macroeconomics?
Government influence on savings and government spending.
What is fiscal policy?
Cereal or Automobile
What is a product of an oligopoly competition market?
Linkedin and other social media sites, like FaceBook.
What are some ways to network or connect with potential employers online?
Retailers like BestBuy and Walmart.
What are marketing intermediaries?
Land and natural resources, Labor, Capital, & Entrepreneurship
What are the factors of production?
Federal Reserve lowering interest rates to banks to encourage recovery.
What is monetary policy?
unique product features, branding, unique packaging, or services
What is product differentiation?
Planning, organizing, leading & motivating, and controlling.
What are the needed management skills to be successful?
The remaining money after all business expenses have been deducted from sales revenue.
What is profit?
Capitalism and Command
What are the types of economic systems?
Turning point when a nation's production and employment bottom out and reach their lowest levels.
What is a trough?
Franchise, license, copyright, patent, or trademark
What are legal monopolies?