Chapter 1
Business Ba101 with Johnston at Lane community college
About this deck
By: Alex Cummins
Textbook:
Business: A Changing World
Created: 2010-12-06
Size: 33 flashcards
Views: 34
Textbook:
Business: A Changing WorldCreated: 2010-12-06
Size: 33 flashcards
Views: 34
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Stakeholders are...
groups that have a stake in the success and outcomes of a business
Economics is the study of...
how resources are distributed for the production of goods and services within a social system
Human resources are the...
the physical and mental abilities that people use to produce goods and services; also called labor.
In which social system are most businesses owned and operated by the government?
Communism
In which social system do individuals own and operate all businesses?
Capitalism
What is business ownership like in socialist nations?
the government owns and operates all major industries; individuals own small businesses.
Is there business competition in communist countries?
No, because the government owns and operates everything.
What is competition like in socialist nations?
Restricted in major industries; encouraged in small business.
What is competition like in capitalist nations?
Competition is encouraged by market forces and government regulations
Where do profits go in communist countries?
All extra income goes to the government.
The profit situation in Socialist countries
profits earned by small businesses may be reinvested in the business; profits from government owned industries go to the government.
Individuals are free to keep profits and use them as they wish
in a Capitalist society.
Product availability and price in communist countries
are very limited; consumers have a limited choice of goods and services; prices are usually high.
Product availability and price in Socialist countries
Consumers have some choice of goods and services, and prices are determined by supply and demand.
Product availability and price in capitalist countries
Consumers have a wide choice of goods and services; prices are determined by supply and demand.
There is an unlimited choice of careers in this kind of nation
Capitalist (employment options)
What kind of employment options exist in a socialist government?
There is some choice of careers; many people work in government jobs.
In communist countries, what are the employment options like?
There is little choice in career, most people work for government owned industries or farms.
Communism definition
a society in which the people, without regard to class, own all the nation's resources
Socialism definition
an economic system in which the government owns and operates basic industries but individuals own most businesses
Capitalism, or free enterprise definition
an economic system in which individuals own and operate the majority of businesses that provide goods and services
free market system
pure capitalism, in which all economic decisions are made without government intervention.
Economies that are made up of elements from more than one economic system are classified as...
Mixed Economies
Demand is...
the number of goods and services that consumers are willing to buy at different prices at a specific time
Supply is...
The number of products that businesses are willing to sell at different prices at a specific time
The price at which the # of products that businesses are willing to supply equals the # of products that consumers are willing to buy @ a specific time
EQUILIBRIUM PRICE
Pure competition
the market structure that exists when there are many small businesses selling one standardized product
Monopolistic competition
the market structure that exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell are small.,
Oligopoly
the market structure that exists when there are very few businesses selling a product
Monopoly
the market structure that exists when there is only one business providing a product in a given market
A condition characterized by a continuing rise in prices
inflation
Gross Domestic Product (GPD) is...
the sum of all goods and services produced in a country during a year.
Budget Deficit
The condition in which a nation spends more than it takes in from taxes
About this deck
By: Alex Cummins
Textbook: Business: A Changing World
Created: 2010-12-06
Size: 33 flashcards
Views: 34
Textbook:
Business: A Changing WorldCreated: 2010-12-06
Size: 33 flashcards
Views: 34
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
Dennis
Dennis