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BM II 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 businesses that offer something better than their competitors.
Disproportionately Unsuitably, unreasonably, or inappropriately sized.
Division of labor Dividing a larger job into units, or job 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 That 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 of individual workers calculated by dividing the gross domestic product by the worker hours required to produce it.
Inflation A rapid rise 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 new employees are acquainted with their surrounding, 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 combing inputs.
Participative decision-making The involvement of several individuals in the making decisions; in business, the participation of employees in decisions to be made by management.
Productivity the amount of value of goods and services produced (outputs) from set amounts or resources (inputs).
Quality of work life The general conditions in which employees work.
Service business A type of business that preforms intangible activities that satisfy the wants of consumers or industrial users.
Created by: Martin.A
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