the amount of goods and services people can buy with the money they have.

the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.

tangible products such as computers, food, clothing, cars, and apploances.

intangible products (that cant be held in your hand) such as education, health care, insurance, recreation, and travel.

searching customer needs and wants. based on which a company produces products to satisfy these needs at a profit.

_ refers to the exchange of goods and services in return for the money the primary object of sales is to increase revenue

a broader term for the management of assets and liabilities and the panning of future growth.

is the management of the flows of goods and services and includes all processes that transform raw materials into final products. it involves the active streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace.

the process of recruiting, selecting, training and development, appraising the performance of employees, deciding compensation and providing benefits, motivating employees, maintaining proper relations with employees and their trade unions, ensuring employees safety, welfare and healthy measures in compliance with labour laws and regulations.

focuses on the day-to-day flow of money in and out of a company or institution.

Total amount of money a business takes in during a given period by selling goods and services.

Amount of money a business earns above and beyond what it spends for salaries and other expenses.

When a business’s expenses are more than its revenues.

All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.

An organization whose goals do not include making a personal profit for its owners or organizers.

The amount of output you generate given the amount of input (for example, hours worked).

Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.

The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.

The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

The part of economics study that looks at the operation of a nation’s economy as a whole.

The part of economics study that looks at the behavior of people and organizations in particular markets.

 The study of how to increase resources and to create conditions that will make better use of those resources.

An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.

A combination of freer markets and some government control.

The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.

The quantity of products that people are willing to buy at different prices at a specific time.

 The price determined by supply and demand.

Many sellers but none is large enough to dictate the price of a product.

Large number of sellers produce very similar products that buyers nevertheless perceive as different.

is a specialized branch of general communication that is specifically concerned with business activities. generally, when communication takes place between or among parties regarding business related functions.

A few sellers dominate a market

One seller controls the total supply of a product or service, and sets the price.

an economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people.

the loss of the best and brightest people to other countries

an economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production.

economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows.

economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow.

economic systems in which some allocation of resources is made by the market and some by the government .

the total value of final goods and services produced in a country in a given year.

a measure of total sales volume at all stages of production.

a general rise in the prices of goods and services over time.

a situation in which price increases are slowing (the inflation rate is declining)

a situation in which prices are declining.

a situation when the economy is slowing but prices are going up anyhow

monthly statistics that measure the pace of inflation or deflation.

an index that measures the change in prices at wholesale level.

a person who risks time and money to start and manage a business

the chance an entrepreneur takes of losing time and money in a business that may not prove profitable.

a group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make, and market a new product.

creative people who work as entrepreneurs within corporations.

entrepreneurs willing to accept the risk of starting and managing a business that remains small, lets them do the work they want to do, and offers them a balanced lifestyle.

Centers that offer new businesses low-cost offices with basic business services.

A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size (set by the Small Business Administration) in terms of employees or annual receipts.

A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s).

Private individuals who invest their own money in potentially hot new companies before they go public.

A large group of individuals provide donations in support of a company or product.

Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.

People with unsatisfied wants and needs who have both resources and willingness to buy.

Standards of moral behavior; that is, behavior accepted by society as right versus wrong.

Emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers.

Define the organization’s guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees.

An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends.

 One company’s purchase of the property and obligations of another company.

The joining of two companies in different stages of related businesses.

The joining of two firms in the same industry.

The joining of firms in completely unrelated industries.

An arrangement whereby someone with a good idea for a business (franchisor) sells the rights to use the business name and sell a product or service (franchise) to others (franchisees) in a given territory.

A business owned and controlled by the people who use it—producers, consumers, or workers with similar needs who pool their resources for mutual gain