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Fundamental Business Unit 1 Test SMCHS
Terms in this set (64)
someone who undertakes the creation, organization, and ownership of an innovative business with potential for growth.
a new business undertaking that involves risk
process of creating opportunity, testing in market, and gathering necessary resources
mindset of an entrepreneur
study of how people choose to allocate limited resources to satisfy unlimited wants
A situation in which a company or other business ceases operations because it is unable to generate sufficient revenue to cover its expenses.
A state in which market supply and demand balance each other and, as a result, prices become stable
Factors of Production
Describes the inputs that are used in the production of goods or services in order to make an economic profit.
The interruption or termination of a legal action by the plaintiff's not continuing it.
The state of being scarce or in short supply; shortage
The degree to which individuals, consumers or producers change their demand or the amount supplied in response to price or income changes.
The action of helping or doing work for someone.
Diminishing Marginal Utility
A law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant.
The sum total of all external and internal factors that influence a business.
Insensitive to changes in price or income.
New Venture Organization
A business enterprise or speculation in which something is risked in the hope of profit; a commercial or other speculation
An entrepreneurial venture which is typically a newly emerged, fast-growing business that aims to meet a marketplace need by developing a viable business model around an innovative product, service, process or a platform.
The sale or lease of any product, service, equipment and so on that will enable the purchaser-licensee to begin a business.
An impoverished area in which incentives such as tax concessions are offered to encourage business investment and provide jobs for the residents.
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Free Enterprise System
A type of economy where products, prices, and services are determined by the market, not the government
rivalry among businesses for consumer dollars
amount of money a person puts into their business as capital
Includes the buildings, tools, and other goods needed to produce a product or the money used to buy goods
a person who's attitudes and achievements you try to copy
skills entrepreneurs use to start up and run business
a set of characteristics or qualities that identifies a type or category of a person
a person with success or fulfilment
one that conducts business by means of the Internet and have potential to attract a huge number of customers
intangible things that businesses do for us to enhance living (insurance, banking, etc.)
a venture seeks to achieve economic, environmental, and social goals without compromising the ability of future generations to meet needs
start business to improve society; identify social needs and recognize opportunity
contracting with other companies for service
one step beyond outsourcing to form a partnership with another company
new venture started inside a large corporation
finding new ways of doing things
small specialized market
think freely to generate ideas
personal characteristics that describe a population (age, gender, income, etc.)
a periodical published for specific types of businesses or industries, often contain articles
a periodical that targets people with special interests in sports, camping, fashion, and a variety of other areas
vendors and manufacturers introduce new items and promote established products and services
beliefs and principles you choose to live by
an extremely valuable business asset
a legal agreement to begin a new business in the name of recognized company
buyer; the right to product, process, or service
seller of the franchise
someone whose job is to bring buyers and sellers together
The interconnected economies of the nations of the world
Selling and shipping of goods to another country
Buying or bringing in goods from other countries to sell
A restriction on goods entering or leaving a country
Taxes imposed by a Government on imported or exported goods, although primarily on imported goods
Gross Domestic Product (GDP)
Total value of all goods produced during a year
A person that translates another language into english
Standard Industrial Trade Classification Codes (SITC)
System that details the kinds of goods that are traded in specific countries
Industrial Business Exchange (IBEX)
Electronic commerce system that allows businesses to sell products online worldwide
A business that handles overseas shipments
Small business owners talk with foreign agents, distributors, or potential partners
"Best Prospect" List
A product that other countries are looking to purchase
Money people have to spend after necessary expenses
An agency that serves as a distributor in a foreign country
Foreign Joint Venture
An alliance between American small businesses and a company in another region
Export Management Company
A business that handles all the tasks related to exporting for a manufacturer in exchange for commision
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