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Management Midterm

TermDefinition
Small Business An owner-managed business with less than 100 employees
new venture/firm a recently formed commercial organization that provides goods/or services for sale
entrepreneurs people who recognize and seize opportunities
private sector the part of the economy that is made up of companies and organizations that are not owned or controlled by the government
sales forecast an estimate of how much of a product or service will be purchased by prospective customers over a specific period
franchise an arrangement in which a buyer (franchise) purchases that right to sell the product or service of the seller (franchiser)
business plan a document that describes the entrepreneur's proposed business venture; explain why it is an opportunity; and outlines its marketing plan, its operational and financial details and its' managers' skills and abilities
collateral assets that a borrower uses to secure a loan or other credit, and that are subject to seizure by the lender if the loan isn't repaid according to the specified repayment terms
franchising agreement stipulates the duties and responsibilities of the franchisee and the franchiser
external environment everything outside an organization's boundaries that might affect it
economic environment condition of the economic system in which an organization operates
business cycle pattern of short-term ups and downs (expansions and contractions) in an economy
recession period during which aggregate output, as measured by real GDP, declines
depression particularly severe and long-lasting recession
aggregate output total quantity of goods and services produced by an economic system during a given period
standard of living total quantity and quality of goods and services that a cuntry's citizen can purchase with the curency used
Created by: 641256778
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