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Unit 1: Business

Business and Its Environment

QuestionAnswer
Business an organization 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 building tools machines and other equipment that are used to produce other goods but do not directly satisfy human wants
entrepreneur a person who starts, manages, and owns a business
efficiency occurs when an organization produces needed goods or services quickly at low cost
Finance deals with all money matters related to running a business
economic want the desire for scarce material foods and services
economics the body of knowledge that relates to producing and using good 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
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 in the buying and selling of goods and services
Franchise a legal agreement between a company and a distributor to sell a product or servuce under special conditions
manufacturing business businesses that produce goods
Gross Domestic Product (GDP) the total market value of all goods produced and serviced provided in a country in a year
retailer a business that sells directly to final customers
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
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
social responsibility the duty of a business to contribute to the well-being of society
service business business that provides assistance to satisfy specialized needs through skilled workers
stakeholders the owners, customers, suppliers, employees, creditors, government, the general public, and other groups who are affected by a firm's actions
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; ex. paying in cash
utility the ability of a good or service to satisfy a want
wholesaler a business that buys from businesses and sells them to retailers or other businesses
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
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 personal use
demand refers to the number of similar products that will be bought at a given time at a given price
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
Factors of Production land, labor, capital goods, and management; the four basic resources that are combined to create useful goods and services
Glass ceiling an invisible barrier to job advancement
Industrial business firms that produce goods 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, 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 unemployed
Mass production an assembly process in which a large number of products is produced, each of which is identical to the next
Output the quantity or amount produced within a given time
Created by: rachel.smith