Define and conquer
stakeholders
the individuals or groups to whom a business has a responsibility
debt, equity, business plan, venture capital
Business plan is not a way to finance a business
GDP
gross domestic product
import and export
haircut, surgery, babysitting, education
These are examples of services
small business
a business that is small in terms of number of employees (usually 50 or 100, 500 max) and/or revenue
entrepreneurism, socialism, capitalism, communism
Entrepreneurism is not an economic system
CSR
corporate social responsibility
Supply is how much of a good/service a company makes available, whereas demand is how much people are willing to buy
capitalism, communism, socialism, mixed
These are examples of economic systems
revenue
the money a company receives by providing services or selling goods to customers (the "top line")
sole proprietorship, merger, partnership, corporation
A merger is not one of the main forms of business ownership
CPI
consumer price index
vertical merger and horizontal merger
Vertical merger is when a company acquires another company that is at an earlier stage, whereas horizontal merger is when they are at the same stage
The UPS Store, Jiffy Lube, Chick Fil A, 7-Eleven
These are examples of franchises
tariff
taxes imposed on imports as a way to protect domestic industries
European Union, G20, Mercosur, Regional Comprehensive Economic Partnership
G20 is not a trade agreement
Small Business Administration
fiscal policy and monetary policy
Fiscal policy deals with taxation whereas monetary policy deals with the supply of money
labor, natural resources, capital, entrepreneurs, knowledge
These are examples of factors of production
joint venture
when two or more companies form an alliance for a specific project, usually for a limited time period
deontology, corporate philanthropy, strategic giving, social investing
Deontology is not a way that businesses show corporate social responsibility
World Trade Organization
absolute advantage and comparative advantage
Absolute advantage means no other country can produce that good as efficiently, whereas comparative advantage means that the country has the fewest opportunity costs
These are examples of market structures