Principles of Business Exam 1

Flashcards covering key terminology and concepts from the Principles of Business exam notes.

Barter

Trading goods and services directly without money.

Private Sector

Part of the economy owned by individuals or companies.

Public Sector

Part of the economy run by the government.

Long-Term Planning

Setting goals for the distant future.

Short-Term Planning

Setting goals for the near future.

Benefits of Technology in Business

Better efficiency and communication in operations.

Balance of Payments

Record of a country's economic transactions with the world.

Foreign Direct Investment (FDI)

Investment in a business in another country.

Standard of Living

Measure of material comfort and necessities in a community.

Economic Growth

Increase in the production of goods and services.

Economic Development

Improving quality of life by creating jobs.