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Intro To Business

Chapters 1-9

QuestionAnswer
Conservation Saving scarce natural resources.
Consumers A person who buys and uses goods and services.
Contract An agreement to exchange goods or services for something of value, usually money.
Copyright Protection of the creative work of authors, composers, and artists. Protection lasts for the life of the person receiving the copyright and extends for 50 years after the persons death.
Deflation A decrease in the general level of prices.
Embargo An action imposed by the government to stop the export or import of a product completely.
Exports Goods and services sold to other countries.
Goods Things you can see and touch; they are products you can purchase to meet your wants and needs.
Human Resources People producing goods and services.
Imports Items brought from other countries.
Income Salaries and wages as well as investment income and government payments to individuals.
Interstate Commerce Business dealings involving companies in more than one state.
Natural Resources Raw materials supplied by nature.
Needs Things that are required in order to live.
Patent The exclusive right of an inventor to make, sell, and use a product or process.
Pollution Occurs when the environment is tainted with the by-products of human actions.
Productivity The production output in relation to a unit of input, such as a worker.
Property Tax A major source of revenue for local governments based on the value of land and buildings.
Prosperity The peak of the business cycle, it is a period in which most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of gross domestic product(GDP) growth increases.
Quota A government set limit on the quantity of a product that may be imported or exported within a given period.
Sales Tax A state or local tax on goods and services that is connected by the seller.
Scarcity Not having enough resources to satisfy every need.
Services Activities that are consumed at the same time they are produced.
Tariff A tax that the government places on certain imported products.
Trade Deficit A situation in which a country imports(buys) more than it exports(sells).
Trade Surplus A situation in which a country exports(sells) more than it imports(buys).
Trade Off What you make when you give something up to have something else.
Unemployment Rate The portion of people in the labor force who are not working.
Wants Things that add comfort and pleasure to your life.
Proprietorship A business owned and run by just one person.
Board of Directors the people who make the major policy and financial decisions for the business.
Policies Guidelines used in making consistent decisions.
Intermediary Businesses involved in selling the goods and services of products to consumers and other businesses.
Planning The function of a manager involving analyzing information, setting goals, and making decisions about what needs to be done.
Dependability Capable of being depended on; worthy of trust; reliable.
Strategic management A style in which managers are less directive and involving employees in decision-making.
Staffing The function of a manager including all of the activities involved in obtaining, preparing, and compensating the employees of the business.
Courage The quality of mind or spirit that enables a person to face difficulty, danger, pain, etc., without fear; bravery.
Partnership A business owned and controlled by two or more people who have entered into a written agreement.
Service Business A business that carries out activities that are consumed by its customers.
Franchise A written contract granting permission to operate a business to sell products and services in a set way.
Tactical Management A style in which the manager is directive and controlling.
Organizing The function of a manager involving identifying and arranging the work and resources needed to achieve the goals that have been set.
Judgment The ability to judge, make a decision, or form an opinion objectively, authoritatively, and wisely, esp. in matters affecting action; good sense; discretion.
Ethics Principles of morality or rules of conduct.
Temporary Employee On hired for a specific time or to complete a specific assignment.
Workforce All of the people 16 years or older who are employed or who are looking for a job.
Core Values The important principles that guide decisions and actions in a company.
Implementing A manager's effort to direct and lead people to accomplish the planned work of the organization.
Promotion Any form of communication used to inform, persuade, or remind; The advancement of an employee to a position with greater responsibility.
Human Relations The way people get along with each other.
Compensation The amount of money paid to an employee for work performed, including salary and wages.
Downsizing A planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient.
Initiative Readiness and ability in initiating action; enterprise.
Executives Top level managers with responsibilities for the direction and success of the entire business.
leadership The ability to motivate individuals and groups to accomplish important goals.
Labor Union An organized group of employees who negotiate with employers about issues, such as wages and working conditions.
Performance Management Evaluation the work of employes and improving performance through training and development.
Created by: TJF014
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