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BM ii obj 102

LAP EC-018 Productivity

TermDefinition
Business Productivity The amount of goods or services produced by a business from a set amount of resources
Capital investment The amount of money the business has invested in its goods and other property
Competitive advantage The edge achieved by business that offer something better than their competitors
Disproportionately Unsuitably, unreasonable, or inappropriately sized
Division of labor Dividing a large job into units, or jobs tasks, and assigning an individual to do each of the tasks
Efficiency Accomplishing a task with a minimum expenditure of time and effort
Goal setting The ability to visualize, set, and focus on achieving business objectives
Gross domestic product The final market value of the total outputs of all goods and services produced within a country’s geographic boundaries during a year’s time
Gross domestic product per capita The average productivity if individual workers calculated by dividing the gross domestic product by the worker hours required to produce it.
Inflation A rapid ride in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up
Inputs The specific economic resources used in producing goods and services
Job orientation Job preparation or induction training in which a new employees are acquainted with their surroundings, receive general information about the company and its policies, and are given specific information about their jobs
Labor The work people do or the workers themselves
Mass production The rapid production of large quantities of a product
Objectives Goals to be reached
Outputs The goods or services produced as the result of combining inputs
Participative decision-making the involvement of several individuals in making decisions in business the participation of employees in decision to be made by management
Productivity The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)
Quality of work life the general conditions in which employees work
Service business A type of business that performs intangible activities that satisfy the wants of consumers of industrial users
Specialization The process of making the best use of resources in the production of goods and services
Standard of living the general conditions in which people live, quality of life
Standardization The organization of work so that it is always done in the same way
Trend The general direction in which people or events are moving
Worker Productivity The amount of work a worker can perform in a given period of time
Created by: Adam Hamrick
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