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Management Unit 1

Business and It's Environment

QuestionAnswer
Baby boom refers to the high birth rate period from 1945-1965
Baby bust refers to the low birth rate period following the baby boom period
Business an organization that produces or distributes a good or service for a profit
Business ethics a collection of principles and 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 and in furnishing services
Communism forced socialism where all or almost all the productive resources of a nation are owned by the government
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 and families for person use
Demand refers to the number of similar products that will be bought at a given time at a given price
Domestic goods products made by firms in the United States
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 to offer customers or other users
Efficiency occurs when an organization produces needed goods or services quickly at low cost
Empowerment (1) letting workers decide how to perform their work tasks and offer ideas on how to improve the work process; (2) the authority given to individual employees to solve problems on the job with available resources
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
Foreign good products made by firms in other countries
Franchise a legal agreement between a company and a distributor to sell a product or service under special conditions
Franchisee the distributor of a franchised product or service
Franchisor the parent company of a franchise agreement that provides the product or service
Glass ceiling an invisible barrier to job advancement
Global competition the ability of profit-making organizations to compete with other businesses in other countries
Gross Domestic Product (GDP) the total market value of all goods produced and services provided in a country in a year
Industrial business firms that produce good that are often used by other businesses or organizations to make things
Intrapraneur an employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product process or service
Labor the human effort either physical or mental that goes into the production of goods and services
Labor force most people aged 16 or over who are available for work whether employed or unemployed
Labor participation rate the percentage of the labor force either employed or actively seeking employment
Manufacturing firm businesses that produce goods
Marketing the process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectives
Market economy an economic system that determines what how and for whom goods and services are produced by coordinating individual choices through arrangements that aid buying selling goods and services
Mass production an assembly process in which a large number of products is produced each of which is identical to the next
Mixed economy an economic system in which a combination of a market and a command economy is blended together to make decisions about what how and for whom goods and services are produced
Monopoly exists when competition is lacking for a product or service or when producers are in a position to control the supply and price of goods or services
Output the quantity or amount produced within a given time
Privatization when a state or country transfers its authority to provide a good or service to individuals or businesses
Service firm business that provide assistance to satisfy specialized needs through skilled workers
Social responsibility the duty of a business to contribute to the well-being of society
Socialism an economic-political system in which the government controls and regulates the means of production
Stakeholders the owners customers suppliers employees creditors government the general public and other groups who are affected by a firm’s action
Supply refers to the number of similar products that will be offered for sale at a particular time and at a particular price
Total Quality Management (TQM) a commitment to excellence that is accomplished by teamwork and continual improvement
Underground economy income that escapes being recorded in the GDP
Utility the ability of a good or service to satisfy a want
Created by: KIMBRIEL
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