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Management Unit 1

Unit 1 Business and Environment

an organization that produces or distributes a good or service for a profit Business
a collection of principles and rules of conduct based on what is right and wrong Business Ethics
building tools machines and other equipment that are used to produce other goods but do not directly satisfy human wants Capital Goods
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 Capitalism
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 Command Economy
firms engaged in marketing in finance and in furnishing services Commercial Business
paying workers equally for jobs with similar but not identical job requirements Comparable Worth
rivalry among sellers for consumer dollars Competition
products produced for sale to individuals and families for person use Consumer Goods
refers to the number of similar products that will be bought at a given time at a given rice Demand
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 a 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
Franchise a legal agreement between a company and a distributor to sell a product or service under special conditions
Glass Ceiling an invisible barrier to job advancement
GDP the total market value of all gods produced and services provided in a country in a year
Industrial Business firms that produce a 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 not
Labor Participation Rate the percentage of the labor force either employed or actively seeking employment
Manufacturing Business business that produce goods
Market Economy an economic system that determines what, how, and for whom goods and services are produced by a coordinating individual choices through arrangements that aid in the buying and selling of goods and services
Mass Production an assembly process in which a large number of products is produced
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
Output the quantity or amount produced within a given time
Retailer a business that sells directly to final customers
Service Business a business that provides a service
Social Responsibility the duty of a business to contribute to the well-being of society
Stakeholders the owners, customers,suppliers, employees, creditors, government, the general public, and other groups who are affected by a firm's action
Supply the number of products that will be offered for sale at a particular time and place
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
Wholesaler A business that buys products from businesses and sells them to retailers and other businesses
Created by: jtroush
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