How can we help?

You can also find more resources in our Help Center.

21 terms

business conceptes

STUDY
PLAY
business
economic system in which goods and services are exchanged for one another or money on the basis of their perceived worth
production
processes and methods employed in transformation of tangible inputs (raw materials semi finished goods or subassemblies) and intangible inputs (ideas information know how) into goods or services
manufacturing
includes all steps necessary to convert raw materials components or parts into finished goods that meet a costumers expectations or specifications
service
valuable action deed or effort performed to satisfy a need or to fulfill a demand
finance
to supply with money or capital to obtain money or credit for
commercial
non-governmental
retail
selling directly to consumers
competition
the existence within a market for some good or service of a sufficient number of buyers and sellers such that no single market participant has enough influence to determine the going price of the goof or service opposite of monopoly
entrepreneur
and individual who starts his or her own business
intrapreneur
an employee of a large corporation who is given freedom and financial support to create new products services systems etc, and does not have to follow the corporations usual routines or protocols
export
to send goods or services across national frontiers for the purpose of selling and realizing foreign exchange
import
products of foreign origin brought into a country
multinational firm
enterprise operating in several countries but managed from one (home) country
tariff
published list of fares, fright charges, prices, rates, etc
embargo
official suspension of import and or export of some specific or all goods to or from a specific port, country or region for political health or labor related reasons for a specified or indefinite period
sanction
-(regarding international business) punitive or restrictive measures taken usually by several countries in concert to pressure a country to change its certain policies
Exchange rate
price for which the currency of a country can be exchanged for another country's currency. Factors that influence exchange rate include (1) interests rates (2)inflation rate (3) trade balance and (4) political stability
culture
social heritage of a group
trade barrier
government imposed restriction on the free international exchange of goods or services trade barrier examples (1) import policies reflected in tariffs and other important charges, quotas, (2) standers testing labeling and various types of certification
NAFTA
North America Free Trade Agreement- Trilateral treaty among Canada, Mexico, and the US established in 1994 to remove import duties (tariffs) and non tariff barriers within ten years for most types of goods and within five years for others
World trade organization
an international agency which encourages trade between member nations administers global trade agreement and resolves disputes when they arise