Intro to Business Final -McCarty

Created by mrsmccarty431 

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GDP or Gross Domestic Product

total dollar value of all final goods and services produced in a country during one year

GDP per capita

way to measure economic growth; output per person

Business Cycles

recurring ups and downs of GDP

Prosperity

period in which most people who want to work are working, business produce goods and services in record numbers, wages are good and the rate of GDP growth increases.

Recession

period in which demand begins to decrease, businesses lower production, unemployment begins to rise and GDP growth begins to slow.

Depression

phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures.

Recovery

phase in which unemployment begins to decrease, demand for goods and services increases, GDP begins to rise again.

Inflation

increase in the general level of prices.

price index

number that compares prices in one year with prices in some earlier base year

Deflation

decrease in the general level of prices. Usually occurs in period of recession and depression

absolute advantage

exists when a country can produce a good or service at a lower cost than other countries.

Comparative advantage

situation in which a country specialized in the production of a good or service at which it is relatively more efficient.

Imports

items bought from other countries

Exports

goods and services sold to other countries

Code of Ethics

set of rules for guiding the actions of employees or members of an organization

Patent

gives the inventor the sole right to make, use, or sell the item for 20 years

copyright

protects the creative work of authors, composers and artists

trademark

word, letter, or symbol linked with a specific company or product.

Sole proprietorship

business owned and ran by just one person

Partnership

business owned and controlled by two or more people

corporation

separate legal formed by documents filed with a state

Franchise

written contract granting permission to operate a business to sell products and services in a set way.

Entrepreneur

someone who takes a risk in starting a business to earn a profit

Business Plan

series of documents that serves as a blueprint for building a business

Executive Summary

section of a business plan that summarizes all the sections of the business plan

Company description

section of business plan that includes details about the business including it's age, history and form of ownership

Business Card

small card printed or engraves with a person's name and business information. Includes business name, address, phone number, logo, website

Company letterhead

heading that is printed at the top of a sheet of letter size paper, usually consisting of a company name, logo, address, web site address, telephone and fax number

Brochure

small booklet or pamphlet often containing promotional material and product information

Advertisement

a way to get your business exposed to potential customers; newspapers, magazines, commercials, billboards,

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