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Unit 1: Business
Business and Its Environment
| Question | Answer |
|---|---|
| Business | an organization or distributes a good or service for a profit |
| Business ethics | a collection of principles and rules of conduct based on what is right and wrong for an organization |
| Capital goods | building tools machines and other equipment that are used to produce other goods but do not directly satisfy human wants |
| entrepreneur | a person who starts, manages, and owns a business |
| efficiency | occurs when an organization produces needed goods or services quickly at low cost |
| Finance | deals with all money matters related to running a business |
| economic want | the desire for scarce material foods and services |
| economics | the body of knowledge that relates to producing and using good and services that satisfy human wants |
| effectiveness | occurs when an organization makes the right decisions in deciding what products or services to offer customers or other users |
| Market economy | an economic system that determines what, how, and for whom goods and services are produced by coordinating individual choices through arrangements that aid in the buying and selling of goods and services |
| Franchise | a legal agreement between a company and a distributor to sell a product or servuce under special conditions |
| manufacturing business | businesses that produce goods |
| Gross Domestic Product (GDP) | the total market value of all goods produced and serviced provided in a country in a year |
| retailer | a business that sells directly to final customers |
| monopoly | 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 or services |
| mixed economy | 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 are produced |
| social responsibility | the duty of a business to contribute to the well-being of society |
| service business | business that provides assistance to satisfy specialized needs through skilled workers |
| stakeholders | the owners, customers, suppliers, employees, creditors, government, the general public, and other groups who are affected by a firm's actions |
| supply | refers to the number of similar products that will be offered for sale at a particular time and at a particular price |
| Total Quality Management (TQM) | a commitment to excellence that is accomplished by teamwork and continual improvement |
| underground economy | income that escapes being recorded in the GDP; ex. paying in cash |
| utility | the ability of a good or service to satisfy a want |
| wholesaler | a business that buys from businesses and sells them to retailers or other businesses |
| Capitalism | an economic political system in which private citizens are free to go into business for themselves to produce whatever they choose to produce and to distribute what they produce as they please |
| Command economy | 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 |
| commercial business | firms engaged in marketing in finance and in furnishing services |
| comparable worth | paying workers equally for jobs with similar but not identical job requirements |
| competition | rivalry among sellers for consumers' dollars |
| consumer goods | products produced for sale to individuals and families for personal use |
| demand | refers to the number of similar products that will be bought at a given time at a given price |
| downsize | cutting back on the goods and services provided and, thereby, shrinking the size of a firm and the number of employees |
| economic system | an organized way for a country to decide how to use its productive resources |
| Factors of Production | land, labor, capital goods, and management; the four basic resources that are combined to create useful goods and services |
| Glass ceiling | an invisible barrier to job advancement |
| Industrial business | firms that produce goods that are often used by other businesses or organizations to make things |
| Intrapraneur | 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 |
| labor | the human effort, physical or mental, that goes into the production of goods and services |
| labor force | most people, aged 16 or over, who are available for work, whether employed or unemployed |
| Labor participation rate | the percentage of the labor force either employed or unemployed |
| Mass production | an assembly process in which a large number of products is produced, each of which is identical to the next |
| Output | the quantity or amount produced within a given time |
Created by:
rachel.smith
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