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Unit 1:AR Management

Business and Its Environment

QuestionAnswer
BUSINESS an organization that produces or distributes a good or service for a profit.
BUSINESS ETHICS a collection of principles & rules of conduct based on what is right and wrong for an organization.
CAPITAL GOODS buildings, tools, machines, and other equipment that are used to produce other goods but do not directly satisfy human wants.
CAPITALISM an economic political system in which private citizens are free to go into business for themselves to produce whatever they choose to produce and to distribute what they produce as they please.
COMMAND ECONOMY an economic system in which the method for determining what, how, and for whom goods and services are produced is decided by a central planning authority.
COMMERCIAL BUSINESS firms engaged in marketing in finance & in furnishing services.
COMPARABLE WORTH paying workers equally for jobs with similar but not identical job requirements.
COMPETITION rivalry among sellers for consumers' dollars.
CONSUMER GOODS products produced for sale to individuals & families for personal use.
DEMAND refers to the number of similar products
DOWNSIZE cutting back on the goods and services provided and, thereby, shrinking the size of a firm and the number of employees.
ECONOMIC SYSTEM an organized way for a country to decide how to use its productive resources.
ECONOMIC WANT the desire for scarce material goods and services.
ECONOMICS the body of knowledge that relates to producing and using goods and services that satisfy human wants.
EFFECTIVENESS occurs when an organization makes the right decisions in deciding what products or services quickly at low cost.
EFFICIENCY occurs when an organization produces needed goods or services quickly at low cost.
ENTREPRENEUR a person who starts, manages, and owns a business.
FACTORS OF PRODUCTION land, labor, capital goods, and management: the four basic resources that are combined to create useful goods and services.
FINANCE deals with all money matters related to running a business
Created by: SandraJeter
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