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Chapter 5
| Term | Definition |
|---|---|
| Contingent Worker | No explicit or implicit long term contract of employment. |
| Producer | Create the products and services used by individuals and other businesses. |
| Extractor | A business that takes resources from nature for direct consumption or for use in developing other products. |
| Farmer | Cultivate land and use other natural resources to grow crops and raise livestock for consumption. |
| Manufacturer | Get supplies from other producers and convert them into products. Sell products to consumers and other businesses. |
| Intermediaries | Businesses involved in selling goods and services of producers to consumers and other businesses. Most common are retailers and wholesalers. |
| Service Business | Carries out activities that are consumed by its customers. It does not sell products. |
| Proprietorship | Business owned and run by one person. |
| Partnership | Business owned and controlled by two or more people who have entered into an agreement. |
| Corporation | A separate legal entity formed by documents filed with a state. Owned by one or more shareholders and managed by a board of directors. |
| Partnership Agreement | A written agreement among all owners. |
| Articles of Incorporation | A written legal document that defines ownership and operating procedures and conditions fore the business. |
| Corporate Bylaws | Operating procedures for the business. |
| Board of Directors | The people who will make the major policy and financial decisions for the business. |
| Limited Liability Company | Provides liability protection for owners. |
| Nonprofit Corporation | A group of people who join to do some activity that benefits the public. |
| Cooperative | Owned by members, serves their needs, and is managed by their interest. |
| Franchise | A written contract granting permission to operate a business to sell products and services in a set way. |
| Franchiser | The company that owns the product or service and grants the rights to another business. |
| Franchisee | The company that purchases the rights is the franchisee. |
| Mission Statement | A short, specific written statement of the reason a business exists and what it wants to achieve. |
| Goal | A precise statement of results the business expects to achieve. |
| Policies | Guidelines used in making consistent decisions. |
| Procedures | Descriptions of the way work is to be done. |
| Responsibility | The obligation to the complete specific work. |
| Authority | The right to make decisions about how responsibilities should be accomplished. |
| Accountability | Taking responsibility for the results achieved. |
| Unity of Command | Means there is a clear reporting relationship for all staff of a business. |
| Span of Control | The number of employees who are assigned to a particular work task and manager. |
| Organization Chart | A diagram that shows the structure of an organization, classification of work and jobs, and the relationships among those classifications. |
| Functional Organizational Structure | Work is arranged within main business functions such as production, operations, marketing, and human resources. |
| Matrix Organizational Structure | Work is structured around specific projects, products, or customer groups. |
Created by:
cruz.umphrey0213
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