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POB TEKS REVIEW
Principles of Business Fall Teks Review
| Term | Definition |
|---|---|
| Monopoly | Market structure with one business that has complete control of a market's entire supply of goods or services. |
| Trademark | A word, letter, or symbol linked with a specific company or product. |
| Partnership | Association of two or more persons who co-own a business with the objective of earning a profit. |
| Natural resources | Raw materials found in nature |
| Human Resources | Employees who work a business |
| Middle Management | Consist of a company's division managers and department heads; such as a Director of Marketing. |
| Economic System | Organized way in which a nation chooses to use its resources to create goods and services. |
| Exchange Rate | The price at which one currency can buy another currency. |
| Trade Barrier | Any government action taken to control the amount of imports or restrict free trade. |
| Social Responsibility | Behaving with sensitivity to social , environmental, and economic issues and contributing to the well being of a community. |
| Need | Something a person must have to survive. |
| Supply | The amount of goods and services that producers are willing to provide at various prices |
| Gross Domestic Product (GDP) | Market Value of all final products produced in a country during a specific time period, usually 1 year. |
| Inflation | General rise in prices throughout an economy. It can be most harmful to people living on a fixed income. |
| Code of Ethics | The set of rules for guiding the actions of employees or members or an organization. |
| Embargo | Government order that prohibits trade with a foreign country. It is the strictest type of trade barrier a government can use. |
| Intrastate Commerce | Business that occurs with the state itself. |
| Unethical Business Practice | Actions that falls outside of what is considered morally right or proper for a business; for example: the unfair treatment of staff. |
| Corporation | Business that is legally separate from its owners and has most of the legal rights of an actual person. A corporation would have a Board of Directors. |
| Manufacturer | A business that makes finished goods from raw materials or processed goods. |
| Entrepreneur | Person who starts a new business or purchases an existing business. They assume risk of a business enterprise with the inte of increasing the market value of the business. |
| The Fair Labor Standard Act of 1938 (FLSA) | Laws that require one and half times the regular rate of pay for more than 40 hours worked for qualified employees. |
| Economic integration | An agreement among countries in a geographic region to reduce and ultimately remove, tariff and nontariff barriers to the free flow of goods or services and factors of production among each other. |
| Command Economy | An economy in which the government makes all the economic decisions for its citizens. |
| Demand | The quantity of a good or service that consumers are willing and able to buy. |
| Trade Surplus | When a country exports more than it imports |
| Five functions of management | planning, organizing, staffing, implementing and controlling |
| Leadership | The ability to motivate individuals and groups to accomplish important goals. |
| Contract | Legally binding agreement between two or more people or businesses. They are usually regulated and enforced at a state level. |
| Market Economy | An economy in which individuals are free to make their own economic decisions, also known as free enterprise. |
| Human Relations | The way people get along with each other |
Created by:
mrstephens
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