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Business Man. Test 1
Test Wednesday (9-02-15)
| Term | Definition |
|---|---|
| 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 |
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