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Management Unit 1
Vocabulary for Management Unit 1 chapters 1, 2, 3
| Term | Definition |
|---|---|
| Business | a person's regular occupation, profession, or trade |
| Finance | the management of large amounts of money, especially by governments or large companies |
| Industrial Business | large scale business |
| Commercial Business | concerned with or engaged in commerce |
| Service Business | A business where labor is acquired |
| Retailer | part of an integrated system called the supply chain |
| Effectiveness | Making the right decisions about what products or services to offer customers and the best ways to produce and deliver them |
| Gross Domestic Product (GDP) | The total market value of all goods produced and services provided in a country in a year |
| Underground Economy | Income that escapes being recorded |
| Entrepreneur | some one who starts, runs and works their own business |
| Franchise | an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities |
| Franchisor | provides a licensed privilege to the franchisee to do business |
| Franchsiee | one that does business. |
| Intrepreneur | a manager within a company who promotes innovative product development and marketing. |
| Labor force | Most people aged 16 or over who is available for work, whether employed of unemployment. |
| Labor Participation Rate | the percentage of the labor force either employed of actively seeking employment. |
| Glass Celling | an invisible barrier to job advancement |
| Comparable worth | paying workers equally for jobs with similar but not identical job requirements |
| Consumer goods | Are goods and services that directly satisfy peoples economic wants. |
| Capital Goods | Are buildings, tools, machines and other equipment that are used to produce other goods but do not directly satisfy human wants |
| Labor | The human effort |
| Factors of Production | Land, Labor, Capital goods, Entrepreneurship. |
| Utility | The ability of a good or a service to satisfy a want. |
| Economic Wants | The desire to scarce material goods and services |
| Economics | The body of knowledge that relates to producing and using foods and services that satisfy human wants |
| Economic System | An organized way for a country to decide how to use its productive resources |
| Command Economics | Is an economic system in which a central planning authority, under the control of the country's government |
| Market Economy | An economic system in which individual buying decisions in the marketplace together to determine what, how, and for whom goods and services will be produced |
| Mixed Economy | An economic system that uses aspects of a marker and a command economy to make decisions about what, how, and for whom foods and services will be produced. |
| Monopoly | the exclusive possession or control of the supply or trade in a commodity or service. |
| Captilsim | The economic-political system in the United States |
| supply | a stock of a resource from which a person or place can be provided with the necessary amount of that resource. |
| Demand | Holding all other factors constant, the price of a good or service increases . |
| Competion | the person or people with whom one is competing, especially in a commercial or sporting arena; the opposition. |
Created by:
Kountry
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