Terms
Explain: What is profit? Give the equation for profit.
Profit is the financial gain made in a business transaction after all expenses and taxes have been deducted from revenue
What is the difference between exports and imports?
Export: selling of goods and services from the home country to a foreign nation
Import: purchase of foreign products and bringing them into one's home country
What is microeconomics?
how supply and demand interact in individual markets for goods and services
What is conflict of interest?
A conflict of interest occurs when a person's personal interests could improperly influence their professional decisions or actions.
What is artificial intelligence (AI)?
Simulation of human intelligence in machines who are programmed to think like humans and mimic their actions
Explain: Liquidity
Liquidity refers to how quickly and easily an asset can be converted into cash without affecting its market price.
What is globalization?
Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.
What is macroeconomics?
Macroeconomics studies the behavior and performance of an economy as a whole.
What does 'integrity' mean in a business context?
Integrity in business refers to honesty, transparency, and adherence to moral and ethical principles in all dealings and decision-making processes.
How can you promote digital marketing (provide 2 examples)?
search engines, websites, social media, email, and mobile apps
Explain: What is 'market segmentation'?
Market segmentation is the process of dividing a larger market into smaller groups of consumers who have similar characteristics, needs, or behaviors.
What is the purpose of an exchange rate?
Determine the value of various currencies in relation to each other
What is 'opportunity cost'?
Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen.
What does ESG stand for?
Environment, social, governance.
What is an 'e-commerce platform'?
An e-commerce platform is a software application that enables businesses to sell products or services online, manage inventory, process payments, and track shipments.
Explain: Define differentiation
setting your company apart from the competition
What does a tax tariff do?
Taxes imposed by one country on goods or services imported from another country.
What is a mortgage?
A loan used to purchase or maintain a home, land, or other types of real estate.
What is 'whistleblowing'?
Whistleblowing is the act of exposing any kind of information or activity that is deemed illegal, unethical, or not correct within an organization.
How is data analytics used?
Analyzes raw data in order to make conclusions about that information
Explain: What does return on investment measure?
Return on investment (ROI) is a measure used to evaluate the efficiency or profitability of an investment
What is cash flow?
the total amount of money being transferred into and out of a business
What is a budget deficit?
When expenses exceed revenue and indicate the financial health of a country.
What is 'corporate social responsibility' (CSR)?
Corporate social responsibility refers to a company's commitment to operate ethically and contribute positively to society, often through initiatives.
What is 'cryptocurrency'?
Digital or virtual currency