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Flashcards for business lecture review.

Barter

Direct exchange of goods or services without using money.

Problems with Barter System

Difficulties include finding someone with matching needs, determining value, and lack of divisibility.

Characteristics of Money

Medium of exchange, store of value, unit of account, standard of deferred payment.

Stakeholders

Individuals or groups with an interest in the success of a business.

Ethical and Legal Issues

Principles and laws affecting business conduct.

International Organizational Environment

Global factors influencing business operations.

Management and Leadership

Guiding and directing resources to achieve goals.

Leadership Styles

Autocratic, democratic, laissez-faire.

Functions of Management

Planning, organizing, staffing, directing, controlling.

Conflict Resolution Strategies

Negotiation, mediation, arbitration.

Span of Control

Number of subordinates a manager can effectively control.

Chain of Command

Hierarchy of authority from top to bottom.

Entrepreneur

Person who starts and manages a business.

Reasons to Start a Business

Independence, profit, personal fulfillment.

Business Plan

Written document outlining how a business will achieve its goals.

Role of Entrepreneur in Economic Development

Driving force for economic growth and innovation.

Feasibility Study

Assessment of the practicality of a proposed plan or project.

Primary Research

Original data collected firsthand.

Secondary Research

Existing data collected by someone else.

Collateral

Assets pledged as security for a loan.

Factors in Business Location

Market, resources, transportation, regulations.

Role of the Central Bank

Manages a country's currency, money supply, and interest rates.

Monetary Policy and Fiscal Policy

Government actions to control the economy.

Consumer Protection Agency

Protects consumers from unfair or deceptive business practices.

Contract

Legally binding agreement.

Simple vs. Specialty Contract

Requires specific format vs. created without formalities.

Characteristics of a Simple Contract

Offer, acceptance, consideration, capacity, legality.

Contract of Necessaries

Essential items required for living.

Ways a Contract is Terminated

Performance, agreement, breach, frustration.

Rules Governing Offer

Clear, unconditional, and communicated.

Rules Governing Acceptance

Mirror offer, communicated.