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Unit One
Business and Its Environment
| Question | Answer |
|---|---|
| an organization that produces or distributes a good or service for a profit | Business |
| a collection of principles and rules of conduct based on what is right and wrong for an organization | Business ethics |
| buildings, tools, machines, and other equipment that are used to produce others goods but do not directly satisfy human wants | Capital goods |
| an economic system in which the method for determining what, how, and for whom goods and services are produced is decided by a central planning authority | Command economy |
| firms engaged in marketing, in finance, and in furnishing services | Commercial business |
| paying workers equally for jobs with similar but not identical job requirements | Comparable worth |
| rivalry among sellers for consumers' dollars | Competition |
| products produced for sale to individuals and families for personal use | Consumer goods |
| refers to the number of similar products that will be bought at a given time at a given place | Demand |
| cutting back on the goods and services provided and, thereby, shrinking the size of a firm and the number of employees | Downsize |
| an organized way for a country to decide how to use its productive resources | Economic system |
| the desire for scarce material goods and services | Economic want |
| the body of knowledge that relates to producing and using goods and services that satisfy human wants | Economics |
| occurs when an organization makes the right decisions in deciding what products or services to offer customers or other users | Effectiveness |
| occurs when an organization produces needed goods or services quickly at low cost | Efficiency |
| a person who starts, manages, and owns a business | Entrepreneur |
| land, labor, capital goods, and management; the four basic resources that are combines to create useful goods and services | Factors of production |
| deals with all money matters related to running a business | Finance |
| a legal agreement between a company and a distributor to sell a product or service under special conditions | Franchise |
| an invisible barrier to job advancement | Glass ceiling |
| the total market value of all goods produced and services provided in a country in a year | Gross Domestic Product (GDP) |
| firms that produce goods that are often used by other businesses or organizations to make things | Industrial business |
| an employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service | Intrapraneur |
| the human effort, either physical or mental, that goes into the production of goods and services | Labor |
| most people, aged 16 or over, who are available for work, whether employed or unemployed | Labor force |
| the percentage of the labor force either employed or actively seeking employment | Labor participation rate |
| businesses that produce goods | Manufacturing business |
| an economic system that determines what, how, and for whom goods and services are produced by coordinating individual choices though arrangements that aid in the buying and selling of goods and services | Market economy |
| an assembly process in which a larger number of products is produced, each of which is identical to the next | Mass production |
| an economic system in which a combination of a market and a command economy is blended together to make decisions about what, how, and for whom goods and services produced | Mixed economy |
| exists when competition is lacking for a product or service or when producers are in a position to control the supply and price of goods and services | Monopoly |
| the quantity or amount produced within a given time | Output |
| a business that sells directly to final customers | Service business |
| the duty of a business to contribute to the well-being of society | Social responsibility |
| the owners, customers, suppliers, employees, creditors, government, the general public, and other groups who are affected by a firm's action | Stakeholders |
| refers to the number of similar products that will be offered for sale at a particular time and at a particular price | Supply |
| a commitment to excellence that is accomplished by teamwork and continual improvement | Total Quality Management (TQM) |
| income that escapes being recorded in the GDP | Underground economy |
| the ability of a good or service to satisfy wants | Utility |
| a business that buys products from businesses and sells them to retailers or other businesses | Wholesaler |
Created by:
torilynnbell
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