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Business Man. Test 1

Test Wednesday (9-02-15)

TermDefinition
Business Organization that produces or distributes a good or service for a profit
Business Ethics Collection of principles & rules of conduct based on what is right & wrong for an organization
Capital Goods Buildings tools machines & other equipment that are used to produce other goods but do not directly satisfy human wants
Capitalism Economic political system in which private citizens are free to go into business for themselves to produce whatever they choose to produce & distribute what they produce as they please
Command Economy Economic system in which the method for determining what, how, & for whom goods & services are produced is decided by a central planning authority
Commercial business Firms engaged in marketing in finance & 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 & families for person use
Demand The number of similar products that will be bought at a given time at a given price
Downsize Cutting back on the goods & services provided & thereby shrinking the size of a firm & the number of employees
Economic System Organized way for a country to decide how to use its productive resources
Economic Want Desire for scarce material goods & services
Economics The body of knowledge that relates to producing & using goods & services that satisfy human wants
Effectiveness Organization makes the right decisions in deciding what products or services to offer customers or other users
Efficiency Organization produces needed goods or services quickly at low cost
Entrepreneur Person who stars, manages, & owns a business
Factors of Production land, labor, capital goods, & management; the four basic resources that are combined to create useful goods & services
Finance Deals with all money matters related to running a business
Franchise A legal agreement between a company & a distributor to sell a product or service under special conditions
Glass Ceiling An invisible barrier to job advancement
Gross Domestic Product (GDP) Total market value of all goods, produced & services provided in a country in a year
Industrial business Firms that produce goods that are often used by other businesses or organizations to make things
Intrepraneur Employee who is given funds & 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 or mental, that goes into the production of goods & services
Labor force Most people, age 16 or over, who are available for work, whether employed of unemployed
Labor participation rate Percentage of the labor force either employed or actively seeking employment
Manufacturing business Businesses that produce goods
A lawn mowing business is an example of : service business
Why are service businesses growing faster than other types of businesses in the US Because we no longer make products in the US. We ship most of our goods in and resell.
Global Compeition The ability of businesses from one country to compete with similar businesses in other countries is know as
Not one of the ways companies can achieve efficiency Reducing prices charged to customers
Reasons that quality increases when employees are empowered to make decisions about their work They start to get pride in their work and take ownership
Not offered to a franchisee by a franchisor A guaranteed minimum profit
Created by: thatchickbay_
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