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Business
Any activity that seeks to provide goods and services to others while operating at a profit.
Business environment
The surrounding factors that either help or hinder the development of business.
Database
An electronic storage file for information.
Demography
The statistical study of the human population with regard to its size, density and other characteristics such as age, race, gender, and income.
E-commerce
The buying and selling of goods over the internet.
Empowerment
Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.
Entrepreneur
A person who risks time and money to start and manage a business.
Factors of production
The five resources used to create wealth: Land, Labor, Capital, Entrepreneurship, Knowledge.
Goods
Tangible products such as computers, food, clothing, cars, and appliances.
Identity theft
The obtaining of individuals personal information for illegal purposes.
Loss
When a business's expenses are more than its revenue.
Nonprofit organization
An organization whose goals do not include making a personal profit for its owners or organizers.
Outsourcing
Contracting with other companies to do some functions of a firm, like production or accounting.
Productivity
The amount of output you generate given the amount of input.
Profit
Amount of money a business earns above and beyond what it spends.
Quality of life
The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, leisure, and rewards that add to satisfaction.
Revenue
Total amount of money a business takes in during a given period by selling goods and services.
Risk
The chance an entrepreneur takes of losing time and money.
Services
Intangible products such as education, health care, insurance, recreation, and travel.
Stakeholders
All the people who gain or lose by the policies and activities of business.
Standard of living
The amount of goods and services people can buy with the money they have.
Technology
Everything from phones to computers and various software programs that make business processes more effective.
Brain Drain
The loss of the best and brightest people to other countries.
Business cycles
The periodic rises and falls that occur in economies over time.
Capitalism
An economic system in which most factors of production and distribution are privately owned for profit.
Command economies
Economic systems where the government decides what goods and services will be produced.
Communism
An economic and political system in which the government makes nearly all economic decisions.
Consumer price index
Monthly statistics that measure the pace of inflation or deflation.
Deflation
A situation in which prices are declining.
Demand
The quantity of products that people are willing to buy at different prices.
Depression
A severe recession, usually accompanied by deflation.
Disinflation
A situation in which price increases are slowing down.
Economics
The study of how society chooses to employ resources to produce goods and services.
Fiscal policy
The federal government's efforts to keep the economy stable by increasing or decreasing taxes or spending.
Free market economies
Economic systems in which the market determines what goods and services are produced.
Gross domestic product
The total value of final goods and services produced in a country in a given year.
Inflation
A general rise in the prices of goods and services over time.
Invisible hand
The process where self-directed gain leads to social and economic benefits.
Keynesian economic theory
Theory suggesting that increased government spending and tax cuts can stimulate the economy.
Macroeconomics
The part of economics that looks at the nation’s economy as a whole.
Market price
The price determined by supply and demand.
Microeconomics
The part of economics that examines the behavior of individuals and organizations in particular markets.
Mixed economies
Economic systems combining private and public enterprise.
Monetary policy
The management of the money supply and interest rates by the Federal Reserve.
Monopolistic competition
A market structure where many sellers produce similar products perceived as different.
Monopoly
One seller controls the total supply of a product and sets the price.
National debt
The total amount of money the government has borrowed.
Oligopoly
A market structure where a few sellers dominate the market.
Perfect competition
A market structure with many sellers where none can dictate the price.
Producer price index
An index that measures price changes at the wholesale level.
Recession
Two or more consecutive quarters of decline in GDP.
Resource development
The study of how to increase resource availability.
Socialism
An economic system where most basic businesses are owned by the government.
Stagflation
A situation where the economy is slowing but prices are still rising.
Supply
The quantity of products that manufacturers are willing to sell at different prices.
Unemployment rate
The number of civilians age 16 and over who are unemployed and actively seeking work.
Absolute advantage
A country has a monopoly on producing a specific product or can produce it more efficiently than others.
Balance of payments
The difference between money coming into a country and money leaving the country.
Balance of trade
Total value of a nation’s exports compared to its imports.
Common market
A regional group of countries with a common external tariff and no internal tariffs.
Comparative advantage theory
A country should sell products it produces most efficiently and buy others from abroad.
Contract manufacturing
A foreign company produces private-label goods for a domestic company.
Countertrading
A complex form of bartering involving several countries exchanging goods.
Devaluation
Lowering the value of a nation's currency.
Dumping
Selling products in a foreign country at lower prices than in the producing country.
Embargo
A complete ban on the import or export of a product.
Exchange rate
The value of one nation’s currency compared to others.
Exporting
Selling products to another country.
Foreign direct investment
The buying of permanent property and businesses in foreign nations.
Foreign subsidiary
A company owned in a foreign country by another company.
Free trade
The movement of goods and services among nations without trade barriers.
General Agreement on Tariffs and Trade (GATT)
An agreement to negotiate mutual reductions in trade restrictions.
Importing
Buying products from another country.
Import quota
A limit on the number of products a nation can import.
Joint venture
A partnership between two or more companies to undertake a major project.
Licensing
Allowing a foreign company to produce your product in exchange for a royalty.
Multinational corporation
An organization that manufactures and markets products in many countries.
North American Free Trade Agreement (NAFTA)
Agreement that created a free trade area among the U.S., Canada, and Mexico.
Strategic alliance
A long-term partnership between companies to build competitive market advantages.
Tariff
A tax imposed on imports.
Trade deficit
When the value of a country’s imports exceeds its exports.
Trade protectionism
Governments using regulations to limit imports.
Trade surplus
When the value of a country’s exports exceeds its imports.
World Trade Organization (WTO)
An entity that oversees international trade issues and practices.
Compliance-based ethics codes
Emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers.
Corporate philanthropy
Includes charitable donations by a corporation.
Corporate policy
The position a firm takes on social and political issues.
Corporate responsibility
Includes responsibilities like hiring minority workers and making safe products.
Corporate social initiatives
Enhanced forms of corporate philanthropy related to a company’s competencies.
Corporate social responsibility
A business's concern for the welfare of society.
Ethics
Standards of moral behavior accepted by society as right vs wrong.
Insider trading
Using private company information for personal gain.
Integrity-based ethics codes
Define the organization’s guiding values and create an ethical environment.
Social auditing
A systematic evaluation of an organization’s social responsibility initiatives.
Whistleblowers
Insiders who report illegal or unethical behavior.
