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unit 1

business and its environment

QuestionAnswer
an organization that produces a good or service for a profit. Business
a collection of principles and rules of conduct based on what is right and wrong for an organization. Business ethics
buildings 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 consumers' 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 and a given price demand
cutting back on the goods and services provided and, thereby, shrinking the size of a firm and the number of employees downsize
an organzied way for a country to decide how to use its productive resources economic system
the desire for scarce material goods and services economic wants
the body of knowledge that relates to producing and using goods and services that satisfy human wants economics
occurs when an organization makes the right decisions in decing what products or services to offer customers or other users effectiveness
occurs when an organization produces needed goods or services quickly at low cost efficiency
a person who starts, manages, and owns a business entrpreneur
land. labor, capitol goods, and management; the four basic resources that are combined to create useful goods and services. factors of production
deals with all money matters related to running a business finance
a legal agreement between a company and a distributor to sell a product or service under special conditions franchise
an invisible barrier to job advancement glass cieling
the total market value of all goods produced and services provided in a country in a year gross domestic product (GDP)
firms that produce goods that are often used by other businesses or organizations to make things industrial business
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 intrapraneur
the human effort, either physical or mental, that goes into the production of goods and services labor
most people, aged 16 or over, who are available for work, whether employed or unemployed labor force
the percentage of the labor force either employed or actively seeking employment labor participation rate
businesses that produce goods manufacturing business
and 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 servicecs market economy
an assembly process in which a large number of products is produced, each of which is identical to the next mass production
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 mixed economy
exists when competition is lacking for a product or service or whrn producers are in a position to control the supply and price of goods or srvices monopoly
the quantity or amount produced within a given time output
a business that sells directly to final customers retailer
business that provide assistance to satisfy specialized needs through skilled workers service business
the duty of a business to contribute to the well-being of society social responsibility
the owners, customers, suppliers, employees, creditors, government, the general public, and other groups who are effected by a firms action stakeholders
refers to the number of simialr products that will be offered for sale at a particular time and at a particular price supply
a commitment to excellence that is accomplished by teamwork and continual improvement total quality management (TQM)
income that escapes being record in the GDP underground economy
the ability of a good or service to satisfy a want utility
a business that buys products from businesses and sells them to retailers or other businesses wholesaler