Your Future
Basic reason for studying business
What is for help in choosing a career
To be successful businesses must
What is be organized, satisfy needs and earn a profit
Anything of value
What is wealth
Fluctuations in the economy
What is the business cycle
Many buyers & sellers with no buyer or seller powerful enough to affect price
What is perfect/pure competition
% of businesses which fail within 5 years
What is 5
Businesses are classified as one of 3 tyoes
What is manufacturing, service or marketing intermediaries
Economics studied from 2 perspectives
What is micro & macro economics
4 states of a business cycle
What is peak, recession, trough and recovery
Quantity demanded is exactly equal to quantity supplied
What is market price
5 typical reasons businesses fail
What is under capitalization, poor location, poor customer service, untrained employees, lack of a business plan or fail to seek professional help
This remains after all business expenses have been deducted
What is profit
A person who risks their time, effort and money to start a business
What is an entrepreneur
2 or more consecutive 3 month periods of decline in GDP
What is a recession
Many buyers and a large number of sellers
What is monopolistic competition
2 personal reasons for studying business
What is to become a better informed consumer & investor
People affected by an organization’s policies, decisions and activities
Who are stakeholders
A country’s economic system answers 4 basic questions
What is what, how and for whom goods will be produced and who owns and controls the factors of production
Federal governments policies to offset the effects of a recession/drpression
What are monetary and fiscal policies
Few, large sellers with sizable investments
What is oligopoly
4 basic management functions
What is planning, organizing, leading/motivating and controlling
2 major risks of business ownership
What is not being paid and losing whatever was invested
The US economy has elements of capitalism & socialism, therefore it is a
What is a mixed economy
The total if all federal deficits
What is national debt
One seller
What is monopoly