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78 Cards in this Set
- Front
- Back
Public Wants examples |
infastructure, health care, saftey, highways, public libraries, and parks |
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Private wants examples |
watches, tvs, jets, watches |
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what are the three basic needs |
food, water, shelter |
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Goods |
physical product |
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Services |
Tasks businesses preform for a customer for a fee |
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what are limited resources |
resources that can't be renewed {scarcity} - Oil |
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what are unlimited resources |
resources that can be renewed {surplus} -cattle |
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competition |
Contest between two businesses to win customers |
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scarcity |
shortage of resources |
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What are the four factors of production (with examples) |
1. Natural resources: Trees, iron, coal, cattle 2. Labor resources: workers 3. Capital resources: buildings, material, equipment, and money 4. Entreprenuership: entreprenuer |
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Price |
the amount given or asked for when goods/ services are sold |
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Supply |
The quanity of goods or services that a business is willing to provied |
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DEmand |
Consumers are willing to buy |
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Mixed economy |
Combines elements of command and market economys |
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command economys |
resources are controlled by the governmnet |
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1600s |
service based economy |
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1700s |
argicultural based economy |
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1800s |
industrial based economy |
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1900s |
imformative (computer based economy) |
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GDP |
the total value of goods and services produced in a country within a given year |
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Standard of living |
level of material comfort as measured y the goods and services that are avialable |
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Inflatation |
the general increase in the cost of goods and services |
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National debt |
The total amount of money a governmnet owes |
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Prosperity |
peak of economic activity |
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Reseccion |
economic activity slows down |
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decession |
a deep slow down in econmic activity that can last for several years. |
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What is "Black Tuesday"? |
The date when the stock market crashed -October 29th 1929 |
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What is a reward of entreperenturship |
You're your own boss |
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Challanges of entreperenturship |
getting loans, taking care of desisions |
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Business Plan |
a written description of a new business venture that describes all aspects of a business |
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Exectutive summary |
A brief reacountting of key points in a business plan |
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Management team plan |
Discusses any parter and your teams capabilites |
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Product and service plan |
describes the proudcts and services that you want to offer |
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Vision and Mission statements |
Mission: Asperations of the company Vision: Purpose of the company |
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Industry overview |
Presents research of indutry |
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Market Analysis |
Research about company's customer profile |
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Marketing plan |
Discusses how a company makes it's customers aware of its product/ Services |
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Finaincal plan |
Forecasts the business, data is shown in finalcl statements |
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contingency plan |
the likely risks of a business |
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sole proprietorship |
a business ran by a single person |
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What are advantages of a sole proprietorship |
-Only taxed once - In charge of own business - easy to do - Make all desions and keep all profit |
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What are disadvantages of a sole proprietorship |
/ |
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Partnership |
a company ran by 2 or more people |
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what are advantages of a Partnership |
-easy to obtain capitale - Banks are willing to lend money - Taxed once |
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what are disadvantages of a Partnership |
-unlimited liability - partners share same common risks -problems getting along |
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corporation |
owned by many people and uses stock |
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what are advantages of a corporation |
-Limited liabily -ability to raise money by selling stock - company does not end if owner dies |
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what are disadvantages of a corporation |
-taxed twice -government restrictions -more difficult and costly to start |
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unlimited liability |
owner is responsible for company's debts |
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limited liability |
Firms owner is only responsible for no more than the money they invested |
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Franchise |
Contractual agreement to use the name and sell the products/ services in a community in a desinated area |
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management |
includes the process or function of planning, leading, organizing, and controlling |
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what are the four functions of management |
planning orgainizing leading controlling |
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decentralized organizatoin |
gives authority to a number of differnt managers |
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what is planning |
creating strategies and figuring out how standards should be met |
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organizing |
arranging resources in an orderly and functional way to meet goals |
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leading |
providing direction and vision |
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controlling |
keeping a company on track and making sure goals are met |
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multianational corportation |
a company that does business with many countries |
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types of trade |
domestic and international |
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imports |
goods and services that a country buys from another country |
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exports |
goods and services that a country sells to another country |
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Balance of trade |
the differnce in value between a country's imports/ exports over a period of time |
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comparative advantage |
the ability of a country/ company to produce a good more efficently/ effictivily than another country |
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exchange rates |
the price that one currnecy can buy another -> change often |
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protectionism |
the practice of a government putting limits on foriegn trade to protect businesses at home |
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tariff |
a tax placed on imports to increase the price in the domestic market -{for military or politcal reasons} |
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quota |
a limit placed on the quantites of a product that can be imported -{trade barrier} |
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Embargo |
a ban on the import or export of a product |
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free tradde |
few or no limits in trade ewtween companies |
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who's in NAFTA |
United States, Mexico, Canada |
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Markt |
a group of customers who share common wants and needs |
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marketing |
the process of creating, promoting, and presenting a product or service to meet the wants and needs of customers, wherever they are |
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Top 2 demographics |
age and gender (Sex) |
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what are the 7 functions of marketing |
1. Distributing 2. Financing 3. Market infomation management 4. Pricing 5. Promote sevice/ management 6. Promotion 7. Selling |
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prototype |
a model of an actual product |
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what are the 7 steps of product development |
1. Generate ideas 2. Screen ideas 3. Develop a business plan 4. Develop the product 5. Test market the product 6. Introduce the product 7. Evaluate customer accpetance |
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What are the 5 elements of the marketing mix (w/ description) |
1.Product |