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Study sets matching "chapter 1 intro business"

30 terms
Introduction to Business - Chapter 1
business
profits
nonprofits
factors of production
activities and enterprises that provide goods and services in…
rewards for businesspeople who take the risks involved to off…
organization that has primary objectives such as public servi…
four basic inputs for effective operation: natural resources,…
business
activities and enterprises that provide goods and services in…
profits
rewards for businesspeople who take the risks involved to off…
29 terms
Introduction To Business Chapter 1
wants
needs
profit
business cycle
Things you wish you could have
Necessary wants; in order to survive.
The amount. of money left over after a business has paid for…
Movement of the economy from one condition to another and bac…
wants
Things you wish you could have
needs
Necessary wants; in order to survive.
15 terms
Introduction to Business Chapter 1
Wants
Needs
Goods
Public wants
Things that you do not have to have to survive but would like…
Things you must have to survive.
Physical products
Wants that are widely shared by many people.
Wants
Things that you do not have to have to survive but would like…
Needs
Things you must have to survive.
12 terms
Introduction to Business - Chapter 1
business
profits
nonprofits
factors of production
activities and enterprises that provide goods and services in…
rewards for businesspeople who take the risks involved to off…
organization that has primary objectives such as public servi…
four basic inputs for effective operation: natural resources,…
business
activities and enterprises that provide goods and services in…
profits
rewards for businesspeople who take the risks involved to off…
26 terms
Introduction to Business - Chapter 1
Needs
Wants
Goods
Services
Things that are required in order to live.
Things that add comfort and pleasure to your life.
Things that you can see and touch.
Activities that are consumed at the same time they are produc…
Needs
Things that are required in order to live.
Wants
Things that add comfort and pleasure to your life.
30 terms
Introduction to Business Chapter 1
What is Business
Identify the factors of production
Describe Natural Resources
Describe Capital
All profit-seeking activities and enterprises that provide go…
Four Basic inputs: natural resources, Capital, human resource…
All production inputs that are useful in their natural states…
Includes technology, tools, information, and physical facilit…
What is Business
All profit-seeking activities and enterprises that provide go…
Identify the factors of production
Four Basic inputs: natural resources, Capital, human resource…
50 terms
Introduction to Business Chapter 1
free enterprise
cultural (or workplace) diversity
business
profit
the system of business in which individuals are free to decid…
differences among people in a workforce owing to race, ethnic…
the organized effort of individuals to produce and sell, for…
what remains after all business expenses have been deducted f…
free enterprise
the system of business in which individuals are free to decid…
cultural (or workplace) diversity
differences among people in a workforce owing to race, ethnic…
30 terms
Introduction to Business - Chapter 1 NH
business
profits
nonprofits
factors of production
activities and enterprises that provide goods and services in…
rewards for businesspeople who take the risks involved to off…
organization that has primary objectives such as public servi…
four basic inputs for effective operation: natural resources,…
business
activities and enterprises that provide goods and services in…
profits
rewards for businesspeople who take the risks involved to off…
10 terms
Introduction to Business - Chapter 1 - Basic Economic Concepts
Wants
Needs
Goods
Services
Thing person does not have to survive, but would like to have.
Things that you must have in order to survive.
Physical products.
Tasks that businesses perform for consumers.
Wants
Thing person does not have to survive, but would like to have.
Needs
Things that you must have in order to survive.
15 terms
Introduction to Business Chapter 1
wants
needs
goods
services
things we would like to have, such as entertainment, vacation…
things that are required in order to live
something that you can touch or hold.
Actions or activities that one person performs for another
wants
things we would like to have, such as entertainment, vacation…
needs
things that are required in order to live
27 terms
Introduction to Business Chapter 1
Business as a going concern
Business as an organized activity
Business as a purposeful activity
Business model
Businesses are organized to pursue profits in the short... term…
Business requires that resources be organized... to deliver valu…
Business requires that the resources that have... been organized…
The way a business makes profits is referred to as its busine…
Business as a going concern
Businesses are organized to pursue profits in the short... term…
Business as an organized activity
Business requires that resources be organized... to deliver valu…
25 terms
Introduction to Business Chapter 1.
needs
wants
needs and wants
three economic resources
essential
add to the quality of life
unlimited
natural, human, capital resources
needs
essential
wants
add to the quality of life
12 terms
Introduction to Business Chapter 1
Wants
Needs
Private Wants
Public Wants
Things that you do not have to have to survive but you would…
Things that you have to have to survive.... (Ex. You must have f…
A group of people or an individual who share the same wants.…
Want that are widely shared by many people/... (Ex. A library wa…
Wants
Things that you do not have to have to survive but you would…
Needs
Things that you have to have to survive.... (Ex. You must have f…
9 terms
introduction to business chapter 1
wants
services
needs
resource
thing we wish we could have
tasks that people or machines perform
thing we must have to survive
anything that people can used to make or obtain goods or serv…
wants
thing we wish we could have
services
tasks that people or machines perform
22 terms
Introduction to Business Chapter 1
Business
business cycle
capitalism
command economy
the organized effort of individuals to produce and sell for a…
the recurrence of periods of growth and recession in a nation…
an economic system in which individuals own and operate the m…
an economic system in which the government decides what goods…
Business
the organized effort of individuals to produce and sell for a…
business cycle
the recurrence of periods of growth and recession in a nation…
14 terms
Introduction to Business (Chapter 1 GCSE Business Studies)
Capital
Enterprise
Factors of productions
Good
the man-made factor of production that involves a present sac…
undertaken by a person who has the ability to take risk, make…
the basic tools of production.
a physical object that can be exchanged.
Capital
the man-made factor of production that involves a present sac…
Enterprise
undertaken by a person who has the ability to take risk, make…
23 terms
Introduction to Business Chapter 1
Wants
Needs
Private Wants
Public Wants
Things that you do not have to have to survive but you would…
Things that you have to have to survive.... (Ex. You must have f…
A group of people or an individual who share the same wants.…
Want that are widely shared by many people/... (Ex. A library wa…
Wants
Things that you do not have to have to survive but you would…
Needs
Things that you have to have to survive.... (Ex. You must have f…
69 terms
Introduction to business chapter 1
Free enterprise
Cultural diversity
Interpersonal skills
Analytical skills
The system of business in which individuals are free to decid…
Differences among people in a workforce owing to race, ethnic…
The ability to deal effectively with individual employees, ot…
The ability to identify problems correctly, generate reasonab…
Free enterprise
The system of business in which individuals are free to decid…
Cultural diversity
Differences among people in a workforce owing to race, ethnic…
33 terms
Introduction to Business Chapter 1
Factors of Production
Labour
Capital
Entrepreneurs
Labour, Capital, Entrepreneurs, Natural Resources, and Inform…
The people who work for the company also known as Human Resou…
This is the funds needed to start a business
The people who create and operate a business
Factors of Production
Labour, Capital, Entrepreneurs, Natural Resources, and Inform…
Labour
The people who work for the company also known as Human Resou…
24 terms
Introduction to Business Chapter 1
Business
Goods
Services
Entrepreneur
is any activity that seeks to provide goods and services to o…
tangible products such as computers, food, clothing, cars, an…
intangible products like education, healthcare, insurance, re…
A person who risks time and money to start and manage business
Business
is any activity that seeks to provide goods and services to o…
Goods
tangible products such as computers, food, clothing, cars, an…
Introduction to Business Chapter 1
Free market economy (Free Enterprise)
The Circular Flow of Business
Consumers
Businesses
-the factors of production are owned and utilized by private…
Consumers, Businesses, Government
determine what is produced, marketed, consumed by spending mo…
-produce and distribute goods and services consumers need, co…
Free market economy (Free Enterprise)
-the factors of production are owned and utilized by private…
The Circular Flow of Business
Consumers, Businesses, Government
65 terms
introduction to business chapter 1,2,3, and 4
business
goods
services
entrepreneur
any activity that seeks to provide goods and services to othe…
tangible products such as computers, food, clothing, cars, an…
intangible products such as education, health caare, insuranc…
a person who risks time and money to start and manage a busin…
business
any activity that seeks to provide goods and services to othe…
goods
tangible products such as computers, food, clothing, cars, an…
29 terms
Introduction to Business chapter 1
Business
Good & Services
Entrepreneur
Revenue
any activity that seeks to provide goods and services to othe…
tangible and intangible products
A person who risks time and money to start and manage a busin…
The total amount of money a business takes in during a given…
Business
any activity that seeks to provide goods and services to othe…
Good & Services
tangible and intangible products
25 terms
Introduction to Business - Chapter 1 (Study Guide)
opportunity cost
trade - off
difference between opportunity cost an…
step 1 of the decision making process
the value of the next - best alternative that you were not ab…
when you give up something to have something else
the word VALUE
define the problem
opportunity cost
the value of the next - best alternative that you were not ab…
trade - off
when you give up something to have something else
13 terms
Introduction to Business Quiz chapter 1
needs
wants
Goods
Services
Basic requirements for human survival
things that people would like to have
Physical objects such as clothes or shoes
Actions or activities that one person performs for another
needs
Basic requirements for human survival
wants
things that people would like to have
10 terms
Introduction to Business - Chapter 1 - Basic Economic Concepts
Wants
Needs
Goods
Services
Thing person does not have to survive, but would like to have.
Things that you must have in order to survive.
Physical products.
Tasks that businesses perform for consumers.
Wants
Thing person does not have to survive, but would like to have.
Needs
Things that you must have in order to survive.
Introduction to Business Chapter 1
Value
Business
Profit
loss
the relationship between the price of a good or a service and…
any organization or activity that provides goods and services…
the money that a business earns in sales(or revenue), minus e…
when a business incurs expenses that are greater than its rev…
Value
the relationship between the price of a good or a service and…
Business
any organization or activity that provides goods and services…
52 terms
Chapter 1 - Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
116 terms
Introduction to Business Chapter 1-3
Countertrading
bartering
exchange rate
global marketing
A complex form of bartering in which several countries may be…
The exchange of merchandise for merchandise or service for se…
The value of ones nations currency relative to the currencies…
The term used to describe selling the same product in essenti…
Countertrading
A complex form of bartering in which several countries may be…
bartering
The exchange of merchandise for merchandise or service for se…
59 terms
Chapter 1 Introduction to Accounting and Business
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
69 terms
Introduction to business chapter 1
Free enterprise
Cultural diversity
Interpersonal skills
Analytical skills
The system of business in which individuals are free to decid…
Differences among people in a workforce owing to race, ethnic…
The ability to deal effectively with individual employees, ot…
The ability to identify problems correctly, generate reasonab…
Free enterprise
The system of business in which individuals are free to decid…
Cultural diversity
Differences among people in a workforce owing to race, ethnic…
50 terms
Introduction to Business Chapter 1
free enterprise
cultural (or workplace) diversity
business
profit
the system of business in which individuals are free to decid…
differences among people in a workforce owing to race, ethnic…
the organized effort of individuals to produce and sell, for…
what remains after all business expenses have been deducted f…
free enterprise
the system of business in which individuals are free to decid…
cultural (or workplace) diversity
differences among people in a workforce owing to race, ethnic…
24 terms
Introduction to Business Chapter 1
Business
Business Enviroment
Climate Change
Database
Any activity that seeks to provide goods and services to othe…
The surrounding factors that either help of hinder the develo…
The movement of the temperature of the planet up or down over…
An electronic storage file for information
Business
Any activity that seeks to provide goods and services to othe…
Business Enviroment
The surrounding factors that either help of hinder the develo…
30 terms
Introduction to Business (Chapter 1)
Business
Profits
External Environment
Economic System
organization that provides goods or services to earn profits
difference between a business's revenues... and its expenses
everything outside an organization's... boundaries that might af…
a nation's system for allocating its resources among its citi…
Business
organization that provides goods or services to earn profits
Profits
difference between a business's revenues... and its expenses
23 terms
Introduction to Business Chapter 1 Vocabulary
Needs
Wants
Products
Service
something integral for living in society
something that adds satisfaction to one's life
something manufactured that is sold yo make a profit; must be…
provided to you when purchase, intangible or abstract
Needs
something integral for living in society
Wants
something that adds satisfaction to one's life
31 terms
Introduction to Business Chapter 1 Vocabulary
Want
Need
Good
Service
adds comfort to the quality of life
things that are required to survive
something you can see and touch
activity provided for satisfaction of others
Want
adds comfort to the quality of life
Need
things that are required to survive
8 terms
Chapter 1 Introduction to Business
Business
Employee
Entrepreneur
Entrepreneurial
Organization that provides good and services
Person who works in a business owned by someone else
Person that runs a business
To act like an entrepreneur
Business
Organization that provides good and services
Employee
Person who works in a business owned by someone else
18 terms
Intro to Business Chapter 1
Wants
Needs
Goods
Services
Things you do not have to have to survive, but would like to…
Things that you must have in order to survive.
physical products
tasks that businesses perform for consumers
Wants
Things you do not have to have to survive, but would like to…
Needs
Things that you must have in order to survive.
25 terms
Introduction to Business (Chapter 1)
Business
Profit
Entrepreneur
Revenue
Any activity that seeks to provide goods and services while o…
The amount a business earns above and beyond what it spends o…
A person who risk time and money to start and manage a business
A total amount of money a business takes in a given period by…
Business
Any activity that seeks to provide goods and services while o…
Profit
The amount a business earns above and beyond what it spends o…
13 terms
Intro to Business Chapter 1 Vocab
Wants
Needs
Goods
Services
Things a person does not have to have to survive, but would l…
Things you must have to survive
Physical products
Tasks that businesses perform for consumers
Wants
Things a person does not have to have to survive, but would l…
Needs
Things you must have to survive
29 terms
Introduction to Business- Chapter 1
Need
Want
Natural resources
3 economic resources
things necessary for survival
things not necessary for survival but add comfort and pleasur…
raw materials supplied by nature (ex: iron ore, gold, soil, o…
natural, human, capital
Need
things necessary for survival
Want
things not necessary for survival but add comfort and pleasur…
14 terms
Introduction to Business Chapter 1 Review
Wants
Needs
Goods
Service
Things you wish you had but could live without, not necessary…
Necessary wants crucial for survival.
Something that can be weighed or measured.
Task that someone else does that we are willing to pay for
Wants
Things you wish you had but could live without, not necessary…
Needs
Necessary wants crucial for survival.
20 terms
Introduction to Business Chapter 1
Needs
Wants
Goods
Services
Are things that are required in order to live
Are things that add comfort and pleasure in your life
Are things that you can see and touch
Are activities provided for the satisfication of others that…
Needs
Are things that are required in order to live
Wants
Are things that add comfort and pleasure in your life
Introduction to Business Chapter 1.
needs
wants
needs and wants
three economic resources
essential
add to the quality of life
unlimited
natural, human, capital resources
needs
essential
wants
add to the quality of life
9 terms
introduction to business: Chapter 1
unlimited wants and limited resources
1) what to produce? 2) How should thin…
Traditional Economy- static... Command Ec…
capitalism
Scarcity is the conflict between...
In order to use their scarce resources properly a country mus…
An economic system refers to the way in which a society provi…
market economies, such as the U.S. economy, often are referre…
unlimited wants and limited resources
Scarcity is the conflict between...
1) what to produce? 2) How should thin…
In order to use their scarce resources properly a country mus…
13 terms
Chapter 1 - Introduction to Business
Needs
Wants
Customer
Goods
goods and services that are necessary for one's survival
goods and services that are not necessary for one's survival…
someone who buys goods or services from a business
things that can be seen and touched
Needs
goods and services that are necessary for one's survival
Wants
goods and services that are not necessary for one's survival…
10 terms
Introduction To Business Chapter 1.
Wants
Needs
Goods
Services
Things that a person does not have to have to survive, but wo…
Things that you must have in order to survive.
Physical products.
Tasks that businesses perform for consumers.
Wants
Things that a person does not have to have to survive, but wo…
Needs
Things that you must have in order to survive.
13 terms
Chapter 1 - Introduction to Business
Needs
Wants
Customer
Goods
goods and services that are necessary for one's survival
goods and services that are not necessary for one's survival…
someone who buys goods or services from a business
things that can be seen and touched
Needs
goods and services that are necessary for one's survival
Wants
goods and services that are not necessary for one's survival…
23 terms
introduction to business chapter 1
goods
the government can promote business
entrepreneurship
5 factors of production
tangible products such as:... computers, food, clothing, cars, a…
-minimuzing spending/ keep taxes regulations to be a minimum…
a person who risks time and money to manage/start a business
1. land: location of the business... 2. labor: work... 3. capital:…
goods
tangible products such as:... computers, food, clothing, cars, a…
the government can promote business
-minimuzing spending/ keep taxes regulations to be a minimum…
50 terms
Introduction to Business Chapter 1
free enterprise
cultural (or workplace) diversity
business
profit
the system of business in which individuals are free to decid…
differences among people in a workforce owing to race, ethnic…
the organized effort of individuals to produce and sell, for…
what remains after all business expenses have been deducted f…
free enterprise
the system of business in which individuals are free to decid…
cultural (or workplace) diversity
differences among people in a workforce owing to race, ethnic…
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