Martinndungu1986

A person who uses goods or services - Consumer Any commercial activity that seeks profits by providing goods and services to others in exchange for money - Business Items that people can use to make or obtain what they need or want. Examples are money, fuel, labor - Resources Physical products that satisfy wants and needs - Goods Tasks that businesses perform for customers to satisfy needs and wants - Services The act of gathering and analyzing information about the wants, needs, and pref...

4 Primary Functions of Management - 1. Planning 2. Organizing 3. Leading 4. Controlling Accounting - The recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties and information they need to make good decisions. Annual Reports - A yearly statement of the financial condition, progress, and expectation of the firm. Balance of Trade - The total value of a nation's exports compared to its imports measur...

Autocrative Leadership - When you like to run everything yourself and answer to no one Bricks-and-Mortar - Stores, ware houses and other buildings business use Centralized Organization - Puts authority in one place; with top management Clicks-and-Mortar - Business that have expanded to the internet Cooperative - An organization owned and operated by its members for the purpose of saving money on the purchase of certain goods and services Corporation - A business owned by many people but tr...

A benefit of business expansion to global markets is that it creates new jobs in manufacturing and service businesses. It also? - -Means some jobs have moved to different locations around the world -Creates greater global competition between businesses and for jobs A benefit of globalization is that it has greatly improved the standard of living? - around the world A benefit of globalization is that living standards have improved in many countries such as China and India. A cost of globaliz...

Basic Economic Problem (Scarcity) - The concept of unlimited wants and limited resources. Capital Resources - The land, equipment, buildings, and investment money that is necessary to start a business. Capitalism - The mixed economy of the United States Command Economy - An economic system with a high level of governmental control. Competition - Rivalry between businesses that provide similar goods and services. Custom-Based Economy - A traditional economy found in third world countries th...

INTRODUCTION TO BUSINESS LATEST 2024 QUESTIONS WITH ANSWERS GRADED A+ BUNDLED WITH GREAT PACKAGE DEALS

Are businesses, individuals, and the government all consumers? - Yes, all of the above. How do you make a personal choices between satisfying your wants and needs? - Being a kid, I don't have to worry much about needs because my parents provide for me. But, very soon I will need to worry about my needs and I will then do a lot of planning. This will set a place for needs and a place for wants. In which situation is demand MOST likely to be reduced? - Customers see a number of products they ...

Being in the dark - Profitting Being in the red - Losing money Business Environment - The setting in which business operates. Business Environment components - There are six type of business environment. Economic environment, competitive environment, workforce advantage, technological environment, social environment, and global environment Business technology - Tools used by business to become efficient and effective Ex. World Wide Web E-commerce Capital - Synthetic resources that a bus...

Absolute advantage - a monopoly that exists when a country is the only source of an item the only producer of an item or the most efficient producer of an item accountability - the principle that employees who accept an assignment and the authority to carry it out are answerable to a superior for the outcome acquisition - the purchase of one company by another usually by buying its stock administrative managers - those who manage an entire business or a major segment of a business; they ar...

4 phases of long term business'? – 1 Economic boom 2 Recession 3 Depression 4 Recovery Absolute Advantage theory? - A country has a monopoly on producing a specific product or is able to produce it more efficiently Adam Smith Invisible Hand theory? - when self directed gain leads to economic benefits for the whole community Allocation of Scarce resources philosophy. Adam Smith? - freedom is vital to any economy's survival, freedom to own property & keep profit. Allocation of Scarc...