TROY BUS 6600 VERIFIED STUDY GUIDE
Business - Answers - any activity that seeks to provide goods and services to others
while operating at a profit
business environment - Answers - the surrounding factors that either help or hinder the
development of businesses
climate change - Answers - a change in the planet's temperature over time
database - Answers - a collection of organized data that allows access, retrieval, and
use of data
Demography - Answers - The scientific study of population characteristics.
e-commerce - Answers - the buying and selling of goods over the internet
Entrepreneur - Answers - A person who risks time and money to start and manage a
business
Empowerment - Answers - giving employees the authority to correct a problem without
first checking with management
factors of production - Answers - the resources that are used to create wealth
goods - Answers - Items purchased to satisfy needs and wants
Greening - Answers - the trend toward saving energy and producing products that
cause less harm to the environment
identity theft - Answers - The forging of someone's identity for the purpose of fraud
loss - Answers - when a business's expenses are more than its revenues
non-profit organization - Answers - an organization whose goals do not include making
a personal profit for its owners or organizers
outsourcing - Answers - Contracting with other companies (often in other countries) to
do some or all of the functions of a firm, like its production or accounting tasks.
productivity - Answers - The value of a particular product compared to the amount of
labor needed to make it.
profit - Answers - The financial gain made in a transaction
,quality of life - Answers - the standard of health, comfort, and happiness experienced by
an individual or group.
revenue - Answers - income
risk - Answers - Degree of uncertainty of return on an asset; in business, the likelihood
of loss or reduced profit.
services - Answers - intangible products
stakeholders - Answers - 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.
Standards of living - Answers - the amount of goods and services people can buy with
the money they have
business cycle - Answers - periodic growth and contraction of the economy
Capiltalism - Answers - an economic system in which the factors of production and
distribution are privately owned and operated for a profit
command economy - Answers - An economic system in which the government controls
a country's economy.
Communism - Answers - A theory or system of social organization based on the holding
of all property in common, actual ownership being ascribed to the community as a
whole or to the state.
Consumer Price Index (CPI) - Answers - monthly statistics that measure the pace of
inflation or deflation
core inflation - Answers - CPI minus food and energy costs
deflation - Answers - A situation in which prices are declining
demand - Answers - Consumer willingness and ability to buy products
depression - Answers - A period of low economic activity and rising unemployment
Disinflation - Answers - a situation in which price increases are slowing (the inflation
rate is declining)
Economics - Answers - The study of how people seek to satisfy their needs and wants
by making choices
, fiscal policy - Answers - Government policy that attempts to manage the economy by
controlling taxing and spending.
free market economy - Answers - Capitalism, private ownership law of supply and
demand
Gross Domestic Product (GDP) - Answers - A measurement of the total goods and
services produced within a country.
Gross Output (GO) - Answers - A measure of total sales volume at all stages of
production
Inflation - Answers - A general and progressive increase in prices
invisible hand - Answers - term economists use to describe the self-regulating nature of
the marketplace
Keynesian economics - Answers - Theory based on the principles of John Maynard
Keynes, stating that government spending should increase during business slumps and
be curbed during booms.
Macroeconomics - Answers - The study of the economy as a whole
market price - Answers - the price determined by supply and demand
Microeconomics - Answers - The study of how households and firms make choices,
how they interact in markets, and how the government attempts to influence their
choices.
mixed economy - Answers - market-based economic system with limited government
involvement
monetary policy - Answers - Government policy that attempts to manage the economy
by controlling the money supply and thus interest rates.
monopolistic competition - Answers - a market structure in which many companies sell
products that are similar but not identical
Monopoly - Answers - A market in which there are many buyers but only one seller.
national debt - Answers - The sum of government deficits over time.
Oligopoly - Answers - A market structure in which a few large firms dominate a market
perfect competition - Answers - the degree of competition in which there are many
sellers in a market and none is large enough to dictate the price of a product
Business - Answers - any activity that seeks to provide goods and services to others
while operating at a profit
business environment - Answers - the surrounding factors that either help or hinder the
development of businesses
climate change - Answers - a change in the planet's temperature over time
database - Answers - a collection of organized data that allows access, retrieval, and
use of data
Demography - Answers - The scientific study of population characteristics.
e-commerce - Answers - the buying and selling of goods over the internet
Entrepreneur - Answers - A person who risks time and money to start and manage a
business
Empowerment - Answers - giving employees the authority to correct a problem without
first checking with management
factors of production - Answers - the resources that are used to create wealth
goods - Answers - Items purchased to satisfy needs and wants
Greening - Answers - the trend toward saving energy and producing products that
cause less harm to the environment
identity theft - Answers - The forging of someone's identity for the purpose of fraud
loss - Answers - when a business's expenses are more than its revenues
non-profit organization - Answers - an organization whose goals do not include making
a personal profit for its owners or organizers
outsourcing - Answers - Contracting with other companies (often in other countries) to
do some or all of the functions of a firm, like its production or accounting tasks.
productivity - Answers - The value of a particular product compared to the amount of
labor needed to make it.
profit - Answers - The financial gain made in a transaction
,quality of life - Answers - the standard of health, comfort, and happiness experienced by
an individual or group.
revenue - Answers - income
risk - Answers - Degree of uncertainty of return on an asset; in business, the likelihood
of loss or reduced profit.
services - Answers - intangible products
stakeholders - Answers - 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.
Standards of living - Answers - the amount of goods and services people can buy with
the money they have
business cycle - Answers - periodic growth and contraction of the economy
Capiltalism - Answers - an economic system in which the factors of production and
distribution are privately owned and operated for a profit
command economy - Answers - An economic system in which the government controls
a country's economy.
Communism - Answers - A theory or system of social organization based on the holding
of all property in common, actual ownership being ascribed to the community as a
whole or to the state.
Consumer Price Index (CPI) - Answers - monthly statistics that measure the pace of
inflation or deflation
core inflation - Answers - CPI minus food and energy costs
deflation - Answers - A situation in which prices are declining
demand - Answers - Consumer willingness and ability to buy products
depression - Answers - A period of low economic activity and rising unemployment
Disinflation - Answers - a situation in which price increases are slowing (the inflation
rate is declining)
Economics - Answers - The study of how people seek to satisfy their needs and wants
by making choices
, fiscal policy - Answers - Government policy that attempts to manage the economy by
controlling taxing and spending.
free market economy - Answers - Capitalism, private ownership law of supply and
demand
Gross Domestic Product (GDP) - Answers - A measurement of the total goods and
services produced within a country.
Gross Output (GO) - Answers - A measure of total sales volume at all stages of
production
Inflation - Answers - A general and progressive increase in prices
invisible hand - Answers - term economists use to describe the self-regulating nature of
the marketplace
Keynesian economics - Answers - Theory based on the principles of John Maynard
Keynes, stating that government spending should increase during business slumps and
be curbed during booms.
Macroeconomics - Answers - The study of the economy as a whole
market price - Answers - the price determined by supply and demand
Microeconomics - Answers - The study of how households and firms make choices,
how they interact in markets, and how the government attempts to influence their
choices.
mixed economy - Answers - market-based economic system with limited government
involvement
monetary policy - Answers - Government policy that attempts to manage the economy
by controlling the money supply and thus interest rates.
monopolistic competition - Answers - a market structure in which many companies sell
products that are similar but not identical
Monopoly - Answers - A market in which there are many buyers but only one seller.
national debt - Answers - The sum of government deficits over time.
Oligopoly - Answers - A market structure in which a few large firms dominate a market
perfect competition - Answers - the degree of competition in which there are many
sellers in a market and none is large enough to dictate the price of a product
