General Business Flashcards for DECA exam #1

flashcards to help prepare for the general business exam for DECA Ontario

What are Needs?

Things u need to stay alive

What’s a trend

General direction in society that may last a long time

What is a fad?

A craze that is picked up and dropped quickly

Should businesses invest in trends or fads?

They should invest in trends because it is more likely to bring in significant profit over long periods of time.

How does Maslow's Hierarchy of Needs work?

It’s a tiered pyramid like structure where basic Needs are at the bottom and more psychological needs or “wants” are at the top.

What do businesses use Maslow's hierarchy to do?

They use it to understand and take action on the motivations of both employees and customers

What is business?

The production and sale of goods or services to consumers

What are the two interest groups in business?

Producers who make the goods or provide the services.

Consumers who consume what the producers produce

What does interdependence mean in a business setting?

It means that producers and consumers depend on eachother.

Why is it important that businesses “stay in touch” with consumers?

It is important that they monitor the needs, wants, and demands of consumers because those things could affect their success either positively or negatively.

What are the different types of producers and consumers?

Manufacturers

Suppliers

End/Ultimate Consumers

Business-to-Business Consumers (they buy business-to-bussiness goods)

What are the two types of markets and where can they be found?

The Consumer Market

The Business-to-Business Market/Industrial Market

Markets can be found wherever consumers and producers engage in business.

How does consumers demand affect markets

Prices reduce when there’s less demand and they increase when there’s more demand

What are the 6 functions of business?

Production

Marketing

Finance

HR

Management

What is production? What are it’s factors?

When a business turns resources into goods and services.

Land, the natural resources used

Capital, the money used to start

Labor, the human element in production of goods and services

Info, tracking operations, customers, and competitors

Entrepreneurs, bringing the factors together and identifying oppurtunities

What does market research do?

Makes contact with customers to identify needs and wants, reducing risks for the business.

What does finance do?

Keeps accurate records of money going in and out to know if and how much of a profit is being made

What is HR?

The ‘people’ aspect of business. Businesses do better with good employees. HR is in charge of wages and benefits, hiring, training, and assessing performance.

What is management?

Planning, organizing, setting goals, and controlling business activities.