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Unit 1

business and its environment

QuestionAnswer
Business an organization that produces or distributes a good or a service
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 annd for whom goods and services are produced is decided by a central planning authority
commercial business firms engaged in marking 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 person 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 teh number of employees
economic system an organized way for a country to decide how to use its productive resources
economic want teh 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
entrepreneur a person who starts manages and owns a business
factors of production land labor capital goods and management
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 a special conditions
glass ceiling an invisible barrier to job advancement
gross domestic product the total market value of all goods produced and services provided in a country in a year
industrial business firms that produces good taht are often used by other businesses
intrapraneur an employee who is given funds adn freedom to create a special unit
labor the human effort
labor force most people age 16 and over who are available for work
labor participation the percentage of the labor force either employed
manufacturing business businesses that produce goods
market economy an economic system that determines what how and for whom goods and services are produced by coordinating individual through arrangements
mass production an assembly process in which a large number of products is produced
mixed economy combination of a market and command economy is blended together
monopoly exists when competition is lacking
output amount produced within a given time
retailer a business that sells directly to final customers
service business business that provide assistance to satisfy specialized needs
socail responsibility the duty of a business to contribute to teh well being of society
stakeholders the owners customers suppliers employees
supply the number of similar products that will be offered for sale
total quality management a commitment to excellence
undeground economy income that escapes begin recorded int he gap
utility teh ability of a good or service
wholesaler a business that buys products from businesses and sells them
Created by: JessicaTaylor
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