Business 101 test 1

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  1. the number of products that businesses are willing to sell at different prices at a specific time.
  2. the number of goods and services that consumers are willing to buy at different prices at a specific time.
  3. the rivalry among businesses for consumers' dollars.
  4. when there are many small businesses selling one standardized pruduct.
    Pure competition
  5. when there are fewer busineses than in a pure competitionenvironment and the differences among the goods they sell is small.
    Monopolistic competition
  6. when there are very few businesses selling a product.
  7. When there is one business providing a product in a given market.
  8. the study of how recources are distributed for the production of goods and services within a social system.
  9. a society in which the people, without regard to class, own all the nation's recources.
  10. an economic system in which the governt owns and operates basic industries--postal service, telephon, utilities, transportation, health care, banking, and some manufacturing--but individuals own most businesses.
  11. an economic system in which individuals own and operate the majority of businesses that provide goods and services.
    Capitalism or Free Enterprise/market
  12. plan
    Functions of Management
  13. activities and processes used in makingg tangible products; also called manufacturing.Use resources to make product .
  14. The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time.
    Equilibrium price
  15. To help restore confidence in the corporations and markets, Congress passed this law.
    Sarbanes-Oxley Act
  16. law the criminalizes securities fraud and stiffened penalties for corporate fraud.
    Sarbanes-Oxley Act
  17. formalized rules and standards that describe what a company expects of its employees.
    Code of Ethics
  18. the purchase of goods and services from foreign sources
  19. the sale of goods and services to foreign markets.
  20. the difference in value between a nation's export and its imports.
    Balance of trade
  21. the difference between the flow of money into and out of a country.
    Balance of payments
  22. 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.
    Absolute advantage
  23. the basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost thatn it can produce other items.
    Comparative advantage
  24. an organization established by the industrialized nations in 1946 to loan money to underdeveloped and developing countries; formaly known as the International Bandk for Reconstruction and Development.
    World Bank
  25. organization established in 1947 to promote trade among member nations by eliminating trade barriers and fostering financial cooperation.
    International Monetary Fund (IMF)
  26. sells products or services in 120 or more counties.
    Globalized Company
  27. company that operates in 15-20 countries.
    Transnational or Multinational
  28. carrying out the goals of business through utilization of the Internet.
  29. use of the Internet for transactions and communications between organizations.
  30. delivery of products and services directly to individual consumers through the Internet.
    Business-to-Consumer (B2C)
  31. market in which consumers mardet goods and services to each other through the Internet.
    Consumer-to-Consumer (C2C)
  32. internal computer networks to share information and to increase collaboration. only available to people inside an organization.
  33. a network of computers that permits selected companies and other organizations to access the same information and may allow collaboration and communications about the information.
  34. businesses owned and operated by one individual; the most common form of business organization in the United States.
    Sole proprietorship
  35. a form obusiness organization defined by the Uniform Partnership Act as "an associatin of two or more persons who carry on as co-owners of a business for profit.
  36. a partnership that involves a complete sharing in both the management and the liability of the business.
    General partnership
  37. a business organization that has at least one general partner, who assumes unlimited liability, and at least one limited partner, whose liability is limited to his or her investment in the business.
    Limited Partnership
  38. a legal entity, created by the state, whose assets and liabilities are seperate from its owners.
  39. profits of a corporation that are distributed in the form of cash payments to stockholders.
  40. form of ownership that provides limited liability and taxation like a partnership but places fewer restrictions on members.
    Limited Liability Company (LLC)
  41. if the business cannot pay its creditors, the owner may be forced to use personal, nonbusiness holdings such as a car or a home to pay off the debts.
    Unlimited Liability
  42. A corporation owned by just one person or a few people who are closely involved in managing the business.
    Private Corportion
  43. a coporation whose stock anyone may buy, sell,m or trade.
    Public Corporationa
  44. special type of stock whose owners, though not generally having a say in running the company, have a claim to profists before other stockholders do.
    Preferred Stock
  45. stock whose owners have voting rights in the corporation, yet do not receive preferential treatment regarding dividends.
    Common Stock
  46. the combination of two companies (usually corporations) to form a new company.
  47. the purchase of one company by another, usually by buying its stock.
Card Set
Business 101 test 1
chapters 1-3
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