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2017 PBMF Semester Final Set
Terms in this set (60)
ability to influence others to reach a goal
foundation skills that help an individual perform in the workplace or gain success in a career
someone with experience who can provide advice, suggestions, and ideas
money invested in a business by investors who form partnerships or groups to pool investments.
written statement of goals and objectives for a business with a strategy to achieve them
sentence describing the purpose of the business
money necessary to start and open a business
an asset pledged that will be claimed by the lender if the loan is not repaid
capital brought into the business in exchange for a percent of ownership in the business
Small Business Administration (SBA)
Independent agency of the federal government dedicated to helping entrepreneurs start, build and grow their business.
the connection made among nations when economies freely move goods, labor, and money across borders
goods and services that are produced within a country's borders and sold in another country
goods, services, and capital that are brought into a country from outside its borders
exists when a country specializes in producing a product at which it is relatively more efficient
Government order that prohibits trade with a foreign country
a group of countries that has joined together to trade as if they were a single country
planning and managing the flow of goods, services, and people to a destination
process of sending and receiving messages between people of various cultures
partnership of two or more companies that work together for a specific business purpose and share profits and losses
the right to sell a company's goods or services in a specific area
businesses that create goods and services
people and businesses that sell the goods and services from producers to customers
earns profits by providing consumers with services that meet their needs and wants
consists of customers who buy products for their own use
consists of customers who buy products for use in a business
a business that is owned and often operated by a single individual
a business that is legally separate from its owners
Limited Liability Company (LLC)
combines the benefits of a corporation with those of proprietorships and partnerships; and profits are taxed to unlimited number of owners
owned and operated by those using its services and requires full participation of members to operate
legally binding agreement between two or more people or businesses
proposal to provide a good or service
a person is legally able to enter into a binding agreement
contract to rent something
Consumer Bill of Rights
basic expectations of fair treatment of consumers
rules of behavior based on a group's ideas about what is right and wrong
Code of conduct
a handbook that outlines expectations of employee behavior both at work and when representing the company outside of work.
any work created by company employees on the job that is owned by that company
behaving with sensitivity to social, environmental, and economic issues
promoting the welfare of others
market structure with one business that has complete control of a market's entire supply of goods or services
market structure with large number of businesses selling similar, but not the same, products and at different prices
the tax and spending decisions made by the president and Congress
regulates the supply of money and interest rates by a central bank in an economy
promote fair trade and competition among businesses
Gross Domestic Product (GDP)
the market value of all final products produced in a country during a specific time period.
the general rise in prices throughout an economy.
the amount a borrower pays to a lender for a loan.
the percentage of the civilian labor force that is unemployed.
focusing on the production of specific goods so that more products can be produced with the same amount of labor.
characteristics of a product that satisfy wants and needs (form, place, time, information, possession)
anywhere buyers and sellers meet to buy and sell goods and services
difference between the income earned and expenses incurred by a business during a specific period of time
science that examines how goods and services are produced, sold, and used
People who start new businesses
economic decisions are based on a society's values, culture, and customs
government makes all economic decisions for its citizens, centrally-planned economy
individuals are free to make their own economic decisions; free enterprise or private enterprise
both government and individuals make decisions about economic resources
Factors of Production
the economic resources a nation uses to make goods and supply services for its population
THIS SET IS OFTEN IN FOLDERS WITH...
PBMF Ch 2.1 Measure Economic Activity
Ch 2.2 Review Government & Economy
PBMF Ch 3 Business Law and Ethics
Ch 4 Business in the Free Enterprise
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