Vocab 1
Prices Drop
Deflation
Any activity that seeks to produce goods and services to others while operating at a profit
Business
Tangible products
Goods
Services
A person who risks time and money to start and manage a business
Entrepreneur
A degree of competition in which just a few sellers dominate the market
Oligopoly
The amount of money a business earns above and beyond what it spends on salaries and other expenses
Profit
When a business's expenses are more than its revenues
Services
True or False
Exporting is buying products from another country?
IF False, correct what is wrong
False
Buying should be replaced with selling
If False, Correct
A tariff is a tax imposed on exports
False
Exports should be imports
The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time
Supply
The chance an entrepreneur takes of losing money on a business that may not prove profitable
Risk
Two or more consecutive quarters of decline in the GDP
Recession
True or False
Insider Trading is ethical
If False - Correct
False
Ethical should be Unethical
A complete ban on the import or export of a certain product or the stopping of all trade with a particular country
A general rise in the prices of goods and services over time
Inflation
The total amount of money a business takes in during a given period by selling goods and services
Revenue
The quantity of products that people are willing to buy at different prices at a specific time
Demand
The 5 elements of business
Economic and Legal
Technological
Competitve
Social
Global Business
Difference between revenue and profit
Revenue is the total amount of money a business takes in during a given period by selling goods and services
Profit is the amount of money a business earns above and beyond what it spends on salaries and expenses
The total value of final goods and services produced in a country in a given year
GDP
Monthly stats that measure the pace of inflation or deflation
CPI - Consumer Price Index
The amount of goods and services people can buy with the money they have
Standard of Living
List 5 stakeholders
stockholders, customers, communities, environmentalists, dealers, employees, government leaders, suppliers, media, bankers
How do Legality and Ethics differ?
Legality is what the government says a business must do or avoid, while ethics is what society considers the right thing to do.
The main difference involves enforcement, flexibility, and standards