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EOPA Vocabulary Cram
EOPA
| Term | Definition |
|---|---|
| Entrepreneur | People who launch and run their own businesses. |
| Management | The process of deciding how to best utilize a businesses resources to produce goods or provide services. |
| Conceptual Skills | Skills that help managers understand how different parts of a business relate to one another and to the business as a whole. |
| Human Relations Skills | Skills that managers need to understand and work well with people. |
| Technical Skills | Specific abilities that people use to perform their jobs. |
| Glass Ceiling | The invisible barrier that prevents women and minorities from moving up in the world of business. |
| Small Business | A company that is independently owned and operated (has fewer than 100 employees). |
| Small Business Administration (SBA) | Government agency that lends money to small businesses. |
| Monopoly | When one party maintains total control over a type of industry. |
| Theory X | Assumes that people are basically lazy and will avoid working if they can. |
| Theory Y | Assumes that people find satisfaction in their work |
| Centralization | Concentration of power among a few key decision makers. |
| Decentralization | The process by which decisions are made by managers at various levels of an organization. |
| Total Quality Management | System of management based on involving all employees in a constant process of improving quality and productivity by improving how they work |
| Theory Z | Incorporates emphasis on collective decision making, concern for employees and individual responsibility. |
| Trends | Show changes or movement in a certain area |
| Professional Association | Allows members to exchange information and ideas, promotes a positive image for the profession. |
| Networking | Talking to people who may offer you job leads, contacts in your field or other information. |
| For-profit Business | A business that operate to earn money for owner(s). |
| Non-profit Organization | Operates to promote a special interest or cause. |
| Cover Letter | Serves as a brief introduction and emphasizes those accomplishments you feel are most relevant to the job. |
| Chronological Resume' | Lists your work experience and education in reverse order (listing your most recent experience and education first). |
| Functional Resume' (Skills Resume') | Lists your abilities and accomplishments rather than your work experience. |
| Intellectual Property | Ownership of ideas (inventions, books, movies, etc.) |
| Stakeholders | A company's employees, customers, suppliers and the community. |
| Sole Proprietorship | A business that is owned by a single individual. |
| Partnership | A business that is owned by two or more individuals. |
| Corporation | A business formed under state, or federal statutes that is authorized to act as a legal person. |
| Income Tax | A tax levied against a business's profits. |
| Property Tax | Taxes levied against the property, buildings, or land owned by a business. |
| Patent | The document the federal government issues to inventors and companies that gives them the exclusive right to make, use, and sell their inventions for 17 years. |
| Trademark | A word, name, symbol or slogan a business uses to identify its own goods and set them apart from others. |
| Copyright | The protection provided for a creative work. |
| Economics | The study of how societies decide what to produce, how to produce it and how to distribute what they produce. |
| Scarcity | The fact that too few resources are available for everyone in the world to consume as much as he or she would like. |
| Opportunity Cost | The cost of choosing one option over another. |
| Command Economy | When the government decides what good and services will be produced. |
| Market Economy | Private companies and individuals decide what to produce and what to consume. |
| Law of Demand | The quantity of a good or service individuals are willing to purchase at various prices. |
| Law of Supply | Describes how price affects the amount of a good producers produce. |
| Equilibrium Price | The price at which supply equals demand. |
| Breakeven Analysis | Reveals how many units of a good or service a business needs to sell before it begins earning a profit. |
| Breakeven Point | The point at which revenue is sufficient to cover all costs. |
| Business Cycle | The expansion or contraction of many businesses at once. |
| Recession | A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. |
| Depression | Is an unusual and extreme form of recession. Depressions are characterized by their length. |
| Economic Indicators | Data that show how the economy is performing. |
| International Trade | Exchange of goods and services by different countries. |
| Absolute Advantage | The ability to produce more of a good than another producer with the same quantity of inputs. |
| Law of Comparative Advantage | Producers should produce the goods they are most efficient at producing and purchase from others the goods they are less efficient at producing. |
| Exports | Good and services that are sold abroad. |
| Imports | Goods and services that are purchased abroad. |
| Balance of Trade | The difference between the value of the goods a country exports and the value of the goods it imports. |
| Tariff | A tax on imports. |
| Quotas | Restrictions on the quantity of goods that can enter a country. |
| Embargo | A total ban on the import of a good from a particular country. |
| Global Economy | An economy in which companies compete actively with businesses from all over the world. |
| Free Trade Area | Region in which trade restrictions are reduced or eliminated. |
| Multinational Corporation | A company that has manufacturing and distribution facilities in foreign countries. |
| Formal Planning | The systematic studying of an issue and the preparation of a written document to deal with the problem. |
| Operational Planning | Short-range planning |
| Strategic Planning | Long-range planning at the highest levels |
| Growth Strategy | Plans developed when a company tries to expand sales, products or number of employees. |
| Stability Strategy | Plan to keep the company operating at the same level that it has for several years. |
| Defensive of Retrenchment Strategy | Plan to reverse negative trends in a company. |
| Combination Strategy | Plan that employs several different strategies at once. |
| Overall Cost Leadership | Designed to produce and deliver a product or service fro a lower cost than the competition. |
| Differentiation | A strategy that strives to make the product or service unique. |
| Mission Statement | Outlines why the company exists. |
| SWOT Analysis | A technique that evaluates a company's internal strengths and weaknesses and its external opportunities and threats. |
| Continuous-flow System | System that functions all the time regardless of customer orders. |
| Intermittent-flow System | System that operates only when an order needs to be filled. |
| Site Selection | The process of selecting a location for a business. |
| Facilities Layout | The process of planning the physical arrangement of a facility. |
| Job Design | Describes the work an individual or gorup of individual is supposed to perform. |
| Activity Scheduling | Involves creating a detailed production timetable. |
| Division of Labor | The assignment of specific tasks to individuals or groups of individuals. |
| Job Rotation | Involves periodically moving workers from one job to another. |
| Job Scope | Refers to the number of operaitons involved in a job. |
| Job Depth | The freedom employees have to plan and organize their work, interact with co-workers, and work at their own pace. |
| Organizational Chart | A visual representation of a business's organizational structure. |
| Line Functions | Functions that contribute directly to company profits. |
| Staff Functions | Advise and support line funtions |
| Matrix Structure | Allows employees from different departments to come together temporarily to work on special project teams. |
| Team Structure | Brings together people with different skills in order to meet a particular objective. |
| Flat Structure | An organization that has a small number of levels. |
| Tall Structure | An organization that has many levels with small spans of management. |
| Intrinsic Rewards | Are intangible and internal to an individual (personal growth, job satisfaction, etc.). |
| Extrinsic Rewards | Are controlled and distributed by the organization (fringe benefits, incentive payments, etc.) |
| Positive Reinforcement | Rewarding people who engage in behavior that management wishes to encourage. |
| Negative Reinforcement | Punishing or reprimanding people who engage in behavior that management hopes to discourage. |
| Autocratic Leadership | Leaders who do not listen to others and make all decisions themselves. |
| Laissez-Faire Leadership | Leaders who are hands off and choose not to lead. |
| Democratic Leadership | Leaders listens to others and takes these opinion into account when making decisions. |
| Employee Assistance Program (EAP) | Company sponsored programs that help employees deal with personal problems. |
| Diversity | In the workforce means including people of different genders, races, religions, nationalities, ethnic groups, age groups, and physical abilities. |
| Entry Socialization | The process of introducing and indoctrinating new employees. |
| Preliminary Control | Methods designed to prevent problems from occurring. |
| Concurrent Control | Focus on things that happen during the work process. |
| Post-action Control | Detect problems after they occur, but before they become a crisis. |
| Audit | A detailed look at an organization's financial or other practices. |
| Direct Costs | Labor, materials, and overhead costs associated with production. |
| Holding Cost | Costs associated with keeping inventory in stock. |
| Safety Stocks | To protect against running gout of stock, businesses keep extra inventories. |
| Management Information System | A computerized system that transforms data into information managers can use. |
| Executive Information System | An interactive tool that provides high-level managers with access to information about the general condition of the business. |
Created by:
mschudson
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