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EOPA Vocabulary Cram

EOPA

TermDefinition
Entrepreneur People who launch and run their own businesses.
Management The process of deciding how to best utilize a businesses resources to produce goods or provide services.
Conceptual Skills Skills that help managers understand how different parts of a business relate to one another and to the business as a whole.
Human Relations Skills Skills that managers need to understand and work well with people.
Technical Skills Specific abilities that people use to perform their jobs.
Glass Ceiling The invisible barrier that prevents women and minorities from moving up in the world of business.
Small Business A company that is independently owned and operated (has fewer than 100 employees).
Small Business Administration (SBA) Government agency that lends money to small businesses.
Monopoly When one party maintains total control over a type of industry.
Theory X Assumes that people are basically lazy and will avoid working if they can.
Theory Y Assumes that people find satisfaction in their work
Centralization Concentration of power among a few key decision makers.
Decentralization The process by which decisions are made by managers at various levels of an organization.
Total Quality Management System of management based on involving all employees in a constant process of improving quality and productivity by improving how they work
Theory Z Incorporates emphasis on collective decision making, concern for employees and individual responsibility.
Trends Show changes or movement in a certain area
Professional Association Allows members to exchange information and ideas, promotes a positive image for the profession.
Networking Talking to people who may offer you job leads, contacts in your field or other information.
For-profit Business A business that operate to earn money for owner(s).
Non-profit Organization Operates to promote a special interest or cause.
Cover Letter Serves as a brief introduction and emphasizes those accomplishments you feel are most relevant to the job.
Chronological Resume' Lists your work experience and education in reverse order (listing your most recent experience and education first).
Functional Resume' (Skills Resume') Lists your abilities and accomplishments rather than your work experience.
Intellectual Property Ownership of ideas (inventions, books, movies, etc.)
Stakeholders A company's employees, customers, suppliers and the community.
Sole Proprietorship A business that is owned by a single individual.
Partnership A business that is owned by two or more individuals.
Corporation A business formed under state, or federal statutes that is authorized to act as a legal person.
Income Tax A tax levied against a business's profits.
Property Tax Taxes levied against the property, buildings, or land owned by a business.
Patent The document the federal government issues to inventors and companies that gives them the exclusive right to make, use, and sell their inventions for 17 years.
Trademark A word, name, symbol or slogan a business uses to identify its own goods and set them apart from others.
Copyright The protection provided for a creative work.
Economics The study of how societies decide what to produce, how to produce it and how to distribute what they produce.
Scarcity The fact that too few resources are available for everyone in the world to consume as much as he or she would like.
Opportunity Cost The cost of choosing one option over another.
Command Economy When the government decides what good and services will be produced.
Market Economy Private companies and individuals decide what to produce and what to consume.
Law of Demand The quantity of a good or service individuals are willing to purchase at various prices.
Law of Supply Describes how price affects the amount of a good producers produce.
Equilibrium Price The price at which supply equals demand.
Breakeven Analysis Reveals how many units of a good or service a business needs to sell before it begins earning a profit.
Breakeven Point The point at which revenue is sufficient to cover all costs.
Business Cycle The expansion or contraction of many businesses at once.
Recession A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
Depression Is an unusual and extreme form of recession. Depressions are characterized by their length.
Economic Indicators Data that show how the economy is performing.
International Trade Exchange of goods and services by different countries.
Absolute Advantage The ability to produce more of a good than another producer with the same quantity of inputs.
Law of Comparative Advantage Producers should produce the goods they are most efficient at producing and purchase from others the goods they are less efficient at producing.
Exports Good and services that are sold abroad.
Imports Goods and services that are purchased abroad.
Balance of Trade The difference between the value of the goods a country exports and the value of the goods it imports.
Tariff A tax on imports.
Quotas Restrictions on the quantity of goods that can enter a country.
Embargo A total ban on the import of a good from a particular country.
Global Economy An economy in which companies compete actively with businesses from all over the world.
Free Trade Area Region in which trade restrictions are reduced or eliminated.
Multinational Corporation A company that has manufacturing and distribution facilities in foreign countries.
Formal Planning The systematic studying of an issue and the preparation of a written document to deal with the problem.
Operational Planning Short-range planning
Strategic Planning Long-range planning at the highest levels
Growth Strategy Plans developed when a company tries to expand sales, products or number of employees.
Stability Strategy Plan to keep the company operating at the same level that it has for several years.
Defensive of Retrenchment Strategy Plan to reverse negative trends in a company.
Combination Strategy Plan that employs several different strategies at once.
Overall Cost Leadership Designed to produce and deliver a product or service fro a lower cost than the competition.
Differentiation A strategy that strives to make the product or service unique.
Mission Statement Outlines why the company exists.
SWOT Analysis A technique that evaluates a company's internal strengths and weaknesses and its external opportunities and threats.
Continuous-flow System System that functions all the time regardless of customer orders.
Intermittent-flow System System that operates only when an order needs to be filled.
Site Selection The process of selecting a location for a business.
Facilities Layout The process of planning the physical arrangement of a facility.
Job Design Describes the work an individual or gorup of individual is supposed to perform.
Activity Scheduling Involves creating a detailed production timetable.
Division of Labor The assignment of specific tasks to individuals or groups of individuals.
Job Rotation Involves periodically moving workers from one job to another.
Job Scope Refers to the number of operaitons involved in a job.
Job Depth The freedom employees have to plan and organize their work, interact with co-workers, and work at their own pace.
Organizational Chart A visual representation of a business's organizational structure.
Line Functions Functions that contribute directly to company profits.
Staff Functions Advise and support line funtions
Matrix Structure Allows employees from different departments to come together temporarily to work on special project teams.
Team Structure Brings together people with different skills in order to meet a particular objective.
Flat Structure An organization that has a small number of levels.
Tall Structure An organization that has many levels with small spans of management.
Intrinsic Rewards Are intangible and internal to an individual (personal growth, job satisfaction, etc.).
Extrinsic Rewards Are controlled and distributed by the organization (fringe benefits, incentive payments, etc.)
Positive Reinforcement Rewarding people who engage in behavior that management wishes to encourage.
Negative Reinforcement Punishing or reprimanding people who engage in behavior that management hopes to discourage.
Autocratic Leadership Leaders who do not listen to others and make all decisions themselves.
Laissez-Faire Leadership Leaders who are hands off and choose not to lead.
Democratic Leadership Leaders listens to others and takes these opinion into account when making decisions.
Employee Assistance Program (EAP) Company sponsored programs that help employees deal with personal problems.
Diversity In the workforce means including people of different genders, races, religions, nationalities, ethnic groups, age groups, and physical abilities.
Entry Socialization The process of introducing and indoctrinating new employees.
Preliminary Control Methods designed to prevent problems from occurring.
Concurrent Control Focus on things that happen during the work process.
Post-action Control Detect problems after they occur, but before they become a crisis.
Audit A detailed look at an organization's financial or other practices.
Direct Costs Labor, materials, and overhead costs associated with production.
Holding Cost Costs associated with keeping inventory in stock.
Safety Stocks To protect against running gout of stock, businesses keep extra inventories.
Management Information System A computerized system that transforms data into information managers can use.
Executive Information System An interactive tool that provides high-level managers with access to information about the general condition of the business.
Created by: mschudson