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Business Management Final Study Guide With Questions And 100% ALL
SURE ANSWERS
Terms in this set (291)
The main participants in a business are... owners, employees, and customers
Management Planning, organizing, staffing, directing, and controlling resources to achieve organizational goals
Operations Transforms resources into products
Marketing identify and satisfy customer needs
Finance planning for, obtaining, and managing company funds
Accounting measuring, summarizing, and communicating financial and manaerial information
Economics Study of the production, distribution, and consumption of goods and services
Business Management Final Study Guide
, 8/6/24, 8:49 PM
1. what goods and services should be produced to meet consumer needs
Economic three questions 2. how should they be produced and who
3. Who should recieve goods and services
Capitalism: private businesses, gives personal freedom, owners make profit (bad) socialism:
Capitalism vs socialism
government, income equality, little personal freedom
buyers and sellers interact in a market to set prices, sell similar products and accepts market price.
Perfect competition
Price is determined by supply and demand
Supply Quantity to sell
Demand Quantity to buy
equlibrium price the price at which buyers are willing to buy the same amount that sellers are willing to sell
monopolisitc competition many sellers offer different products with similar purposes. sellers have some price control
a few sellers supply a large portion of products in the market, some control over price because their
oligopoly
products are similar
monopoly One seller, can control prices
Four competitions perfect competition, oligopoly, monopoly, monopolistic competition
natural monopoly Public utilities, inhibits competition
legal monopoly a company receives a patent giving it exclusive use of a product for a limited time
Economic goals growth, high employment, price stability
price stability When the average prices of products either don't change or change very little
inflation/deflation prices go up/go down
CPI (Consumer Price Index) measures inflation by comparing the average of prices of a basket of consumer goods and services.
Lagging economic indicators Past economic reports
Leading economic indicators future economic predicters
GDP the market value of all goods and services produced by the economy in a given year
Business Management Final Study Guide With Questions And 100% ALL
SURE ANSWERS
Terms in this set (291)
The main participants in a business are... owners, employees, and customers
Management Planning, organizing, staffing, directing, and controlling resources to achieve organizational goals
Operations Transforms resources into products
Marketing identify and satisfy customer needs
Finance planning for, obtaining, and managing company funds
Accounting measuring, summarizing, and communicating financial and manaerial information
Economics Study of the production, distribution, and consumption of goods and services
Business Management Final Study Guide
, 8/6/24, 8:49 PM
1. what goods and services should be produced to meet consumer needs
Economic three questions 2. how should they be produced and who
3. Who should recieve goods and services
Capitalism: private businesses, gives personal freedom, owners make profit (bad) socialism:
Capitalism vs socialism
government, income equality, little personal freedom
buyers and sellers interact in a market to set prices, sell similar products and accepts market price.
Perfect competition
Price is determined by supply and demand
Supply Quantity to sell
Demand Quantity to buy
equlibrium price the price at which buyers are willing to buy the same amount that sellers are willing to sell
monopolisitc competition many sellers offer different products with similar purposes. sellers have some price control
a few sellers supply a large portion of products in the market, some control over price because their
oligopoly
products are similar
monopoly One seller, can control prices
Four competitions perfect competition, oligopoly, monopoly, monopolistic competition
natural monopoly Public utilities, inhibits competition
legal monopoly a company receives a patent giving it exclusive use of a product for a limited time
Economic goals growth, high employment, price stability
price stability When the average prices of products either don't change or change very little
inflation/deflation prices go up/go down
CPI (Consumer Price Index) measures inflation by comparing the average of prices of a basket of consumer goods and services.
Lagging economic indicators Past economic reports
Leading economic indicators future economic predicters
GDP the market value of all goods and services produced by the economy in a given year
