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Unit 1: vocab

Management terms

Business organization that produces 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 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, 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 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 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 Occur 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; the four basic resources that are combines 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
Gross Domestic Product (GDP) the total market value of all goods and produced and services provided in a country in a year.
Industrial business firms that produce 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 of 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 actively seeking employment.
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 choices through arrangements that aid in the buying and selling or goods and services.
Mass Production An assembly process in which a large number of products is produces, each of which is identical to the next.
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 or services.
Output the quantity or 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 through skilled workers
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 firms action
Supply refers to the number of similar products that will be offered for sale at a particular time and at a particular price.
Total Quantity Management (TQM) a commitment to excellence that is accomplished by teamwork and continual improvement.
Underground Economy income that escapes being recorded in the GDPq
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 or other businesses
Created by: PromiseN