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POB Fall Final Study

Study Guide for POB Fall Final Exam - JVHS

TermDefinition
centralized organization All the authority within a business rest with top management.
first-line management Coordinates and supervises the activities and duties of employees.
operational plans Designed to reach the day-to-day goals of a business.
collaboration skills Skills that enable individuals to work with others to achieve a common goal.
plan Outline of the actions needed to accomplish a goal.
strategic plans Created for the long-term goals of an organization.
critical thinking skills Ability to analyze a situation, interpret information, and make reasonable decisions.
tactical plans Developed for the short-term goals of a company.
teamwork Cooperative efforts by individual team members to achieve a goal.
interpersonal skills Skills that help people communicate and work well with each other.
procedure Describes how tasks should be completed.
mediation Negotiation that includes a neutral person.
corporate culture How the owners and employees of a company think, feel, and act as a business.
false advertising Overstating the features and benefits of products or making false claims about them.
proprietary information Any work created by company employees on the job that is owned by that company.
social responsibility Behaving with sensitivity to social, environmental, and economic issues.
trade secret Confidential information a company needs to keep private and protect from theft.
code of conduct Handbook that outlines expectations of employee behavior.
confidentiality Specific information about a company or its employees is never shared, except with those who have clearance.
contract law Regulates how contracts are written, executed, and enforced.
recall Order to remove or repair unsafe products in the market.
ethics Rules of behavior based on ideas about what is right and wrong.
offer Proposal to provide a good or service.
integrity Honesty of a person’s actions.
philanthropy Promoting the welfare of others.
S corporation Form of ownership that provides limited liability to owners, but is taxed as a partnership.
cooperative Business that is owned and operated by those using its services.
extractor Business or person that takes natural resources from the land.
intermediary Person or business that sells the goods and services from producers to customers.
general partnership Business that is co-owned by two or more general partners who are responsible for business operations.
producer Business that creates goods and services.
corporation Business that is legally separate from its owners and has most of the legal rights of an actual person.
liability Legal responsibility.
dividend Portion of a corporation’s earnings distributed to stockholders.
institution Nonprofit organization that may be either public or private.
corporate bylaws Explains the practices and procedures to be followed in conducting business.
limited liability company (LLC) Form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.
proprietorship Business that is owned and often operated by a single individual.
labor force All of the people in a nation who are capable of working and want to work.
antitrust laws US laws that promote fair trade and competition among businesses.
perfect competition Market structure with a large number of businesses selling the same product at the same prices.
recession Period of significant decline in total output, income, employment, and trade in an economy.
business cycle Alternating periods of expansion and contraction in the economy.
specialization Focusing on the production of specific goods so that more products can be produced with the same amount of labor.
productivity A measure of a worker’s production in a specific amount of time.
commerce The activities involved in buying and selling goods on a large scale.
oligopoly Market structure with a small number of businesses selling the same or similar products.
consumer price index (CPI) A measure of the average change in prices paid for typical consumer goods and services over time.
money supply Total money circulating at any one time in a country.
trough Lowest stage of a business cycle.
business the term for all activities involved in developing and exchanging products.
product Anything that is bought or sold
consumers Customers who purchase goods and services for their own use
profit The difference between the income earned and the expenses incurred by a business during a specific period of time
economics A science that examines how goods and services are produced, sold, and used
traditional economy one in which economic decisions are based on a society’s values, culture, and customs.
Gross domestic product (GDP) the market value of all final products produced in a country during a specific time period.
The four components of GDP consumer spending, business investment, government spending, and net exports
inflation rate the rate of change in prices calculated on a monthly or yearly basis
interest rate represents the cost of a loan and is expressed as a percent of the amount borrowed
money supply The total money circulating at any one time in a country
Fiscal policy the tax and spending decisions made by the president and congress
collusion When two or more businesses work together to remove their competition, set prices, and control distribution
contract a legally binding agreement between two or more people or businesses
offer a proposal to provide a good or service
Capacity means that a person is legally able to enter into a binding agreement
philanthropy Promoting the welfare of others
breach of contract When one or more parties do not follow the agreed terms of a contract without having a legitimate reason
sales and service contract lists the products or services provided by a business and the price the customer pays in exchange
business ethics Principles that help define appropriate behavior in a business setting
code of ethics a document that dictates how business should be conducted
for-profit business an organization that generates revenue
not-for-profit organization exists to serve some public purpose
Manufacturers businesses that use supplies from other producers to make products
wholesaler A business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers
retailers directly provide consumers with products that meet their needs and wants; usually in a private enterprise system
partnership an association of two or more persons who co-own a business with the objective of earning a profit
North American Industry Classification System (NAICS) The numeric system used to classify businesses and collect economic statistics
Stock A share of ownership in a corporation
Globalization the connection made among nations when economies freely move goods, labor, and money across borders.
domestic The business activity involved in making, buying, and selling product within a nation’s borders
exports The goods and services produced within a country’s borders and sold in another country
free-trade zone a group of countries that have reduced or eliminated trade barriers among themselves
balance of trade the difference between a nation’s exports and its imports.
logistics Planning and managing the flow of goods, services, and people to a destination
Licensing when a business sells the right to manufacture its products or use its trademark
business plan a written statement of goals and objectives for a business with a strategy to achieve them
cash flow The movement of money into and out of a business
Collateral an asset pledged that will be claimed by a lender if the loan is not repaid
equity financing Capital brought into a business in exchange for a percent of ownership in the business
mentor someone with experience who can provide advice, suggestions, and ideas.
policy outlines how company decisions are made.
organizational structure a business identifies the hierarchy of the employees within a business.
Management the process of controlling and making decisions about a business
Strategic plans created for the long-term goals of an organization
staffing the process of recruiting, hiring, training, evaluating, and compensating employees
Theory X managers believe that employees need close supervision at all times
critical thinking skills The ability to analyze a situation, interpret information, and make reasonable decisions involves
group dynamics The interacting forces within a group
Created by: mrstephens