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5.05 Key Terms
| Term | Definition |
|---|---|
| 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 large 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 | 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 Capital | 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 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 decisions to be made by management |
| Productivity | The amount and the 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 or 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, e.g., customers served per hour |
Created by:
drakon0130
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