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PBMF Vocab

Word Defintion
Producers businesses which develop products for distribution from raw goods
Raw goods Materials derived from natural resources
Processors business which change raw goods into a more finished form, known as processed goods
Manufactures businesses which raw or processed goods into into finished goods
intermediaries businesses which move finished goods from one business to another bu buying, storing and reselling goods, often referred to as "middle man"
service firms businesses which provide services to consumers and other businesses
Non-profit Organization businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit
Human resources department responsible for maintaining the employment process, training and developing staff, and following laws and proper procedures
Maslow's Hierarchy of Needs pyramid expressing the needs of people in levels: basic needs safety, belongings, love, esteem and self-actualization
Cooperation process of effectively working together in group settings
Management process of reaching a company's goals and objectives by utilizing its resources; department responsible for the management process
Accounting process of recording, classifying, summarizing and reporting the financial position of a business
Assets items of value owned by a business
Liabilities debts or obligation of a business
Accounting Assets=liabilities+owner's equity
Income Statement financial statement which reports net income or net loss of a company
Balance sheet financial statement which reports totals in assets, liability and owner's equity accounts
Finance department responsible for managing the use of company funds, obtaining needed funds, and creating a financial plan
Marketing department responsible for creating products which meet consumer needs, guiding product through the product life cycle
Marketing mix four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place
Product Life Cycle marketing theory stating the stages experienced by products and services from their introduction to their decline; consist of four stages : introduction, growth, maturity, decline
Production department responsible for producing goods and services in the most efficient and cost-effective manner
Distribution department responsible for distribution goods and service in the most efficient and cost-effective manner
channel or medium How the message is being sent
communication the interchange of thoughts, opinions or information by speech, writing or signs
Either/or fallacy characterized by presenting an idea with only two choices - either for or against the idea
Feed back a reply or reactions to the message made by the receiver
Focusing keeping attentions on what is being said or read
Glittering generalities Characterized by using important sounding words in a general statement, which have no true meaning and cannot be proved or disproved
Hearing the ability to perceive sound
Information source the source of the information or material that is being communicated
Message the meaning or subject of the information being communicated
noise a distraction that interrupts the message from being understood
Paralinguistic deals with tone, pitch, rhythm, loudness and inflection of voice
Primary source an original, fundamental and authoritative document pertaining to an event or subject of injury; a firsthand or eyewitness account of an event
Propaganda the ideas or fact that are a part of someone's cause; is used to damage the opposing cause
Proximity the distance at which the speaker is from the audience
receiver the person or group for which the information
secondary source any document that describes an event, person, place or thing
Ethics set of standards of conduct that guide decisions and actions based on duties derived from core values
Ethical Behavior action guided by a set of principles if morality
Moral Behavior conduct in accordance with what a person determines is right versus wrong
Legal Behavior Conduct based on or authorized by law, which is established by society to maintain order and protect people and properties from harm
False Financial Statement an organization's financial statement containing untrue data which is used to missed
Embezzlement an entrusted person converts other's assets or properties for his or her own use
Ethical Dilemma complex situation in which contribute to the well-being of society
Code of ethics set of written standards issued by an organization to assists its employees in conducting their actions in conformity with the organization's ethical value
Business social Responsibility duties and obligations of businesses which contribute to the well-being of society
Stakeholders All the parties which interacts with business
Business Ethics Professional standards of conduct based on moral principles and values' guides decision-making processed and actions
Confidentiality occurs when information relating to a company, product, or person is not available or disclosed to unauthorized individuals
Ethical/Unethical choices Choices based on moral priniples and values
Legal/illegal choices choices made according to law
Code of Ethics a set of guidelines which govern behavior
Moral principles the principles of right and wrong accepted by an individual or a social group
Values beliefs of a person or social group in which they have an emotional investment
Disclose to make known; reveal or uncover
Discrimnation the treatment or consideration of making a distinctions in favor of or against a person or thing based on the group, class or category to which that persons or thing belong rather than on idividual merit
Harassment to disturb persistently; torment or bother continually; persecute
Moral emotional or mental condition with respect to cheerfulness and confidence
Colleague an associate or coworker
Consequences the effect, result or outcome of something occurring
implication a natural result of an action
Breach to break or act contrary to
Dilemma any difficult or perplexing situation or problem
Evaluate to consider the value of
Economic system way a society produces goods and services and provides and distributes these goods and services to its citizens
Communism Economic system in which there is strong governmental control;
Socialism economic system in which there is medium governmental control
Capitalism economic system which derives from the principle of individual rights
Traditional Economic economic system which occur in less developed countries
Adam Smith saw the marketing system acting as an "invisible hand" which leads people to unintentionally promote society's interest while pursuing their own
Karl Max Intellectual father of modern day Marxist economies
John Maynard Keyes his idea about the cause of unemployment revolutionized the macroeconomic theory and profoundly altered the government's involvement in the economy
Private enterprise system synonymous with the market/capitalist economy; emphasizes the private sector
Economics way in which humans allocate scarce resources to produce various commodities
Human necessities goods and services necessary to survivial
Human wants goods and services desired but not necessary for survival
Land natural resources found on earth; includes everything contained in the earth or the seas
Capital monetary resources needed to start and operate a business or goods used in the production process
Entrepreneurship human skill required to start and run a business
Resources materials used to make goods and services; also referred to as factors of production
Time Utility degree to which a product or service is available at a necessary or concen
Place utility degree to which a product or services is available at necessary or convenient location
Form Utility Degree to which a product or service is useful or desirable due to its form(the raw materials or parts it is made of)
Possession Utility degree to which a product or service is easy to purchase or pay for
Information Utility degree to which a product or service is easy learn about, gain information about, and understand
Utility added value marketing adds to a product
Mixed Economies Elements of both market and command systems are found in the economy
Market Economies consumers decide what is produced through the purchases they make
command economies one person or group makes production decisions; one person or group owns all businesses and run all backgrounds
Capitalism Economic system in which businesses are privately owned
socialism economic system in which there is increased government involvement and more social services in order to secure a certain standard of living
Created by: s363164
 

 



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