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CH 5
| Term | Definition |
|---|---|
| Producers | create the products and services used by individuals and other businesses |
| Extractors | a business that takes resources from nature for direct consumption or for use in developing other products |
| Farmers | Cultivate land, grow crops and raise livestock |
| Manufacturers | gets supplies from other producers and converts them into products |
| Contingent Worker | one who has no explicit or implicit contract for long-term employment |
| Service businesses | a business that carries out activities that are consumed by its consumers |
| intermediaries | businesses involved in selling the goods and services of producers to consumers and other businesses |
| proprietorship | a business owned and run by just one person |
| partnership | a business owned and controlled by two or more people who have entered into a written agreement |
| corporation | a separate legal entity formed by documents filed with your state |
| partnership agreement | a written agreement among all owners |
| articles of incorporation | a written legal document that defines ownership and operating procedures and conditions for the business |
| corporate bylaws | operating procedures for the corporation |
| Board of directors | People who make policy and major decisions |
| limited liability partnership | identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in day-to-day management of the business |
| joint venture | a unique business organized by two or more other businesses to operate for a limited time and for a specific project |
| S-corporation | offers the limited liability of a corporation |
| limited liability company | provides liability protection for owners |
| nonprofit corporation | a group of people who join to do some activity that benefits the public |
| cooperative | owned by members, serves their needs, and is managed in their interest |
| franchise | a written contract granting permission to operate a business to sell products and services in a set way |
| franchiser | the company that owns the product or service and grants the rights to another business |
| franchisee | the company purchasing the rights to run the business |
| goal | a precise statement of results the business expects to achieve |
| policies | guidelines used in making consistent decisions |
| procedures | descriptions of the way work is to be done |
| responsibility | the obligation to complete specific work |
| authority | the right to make decisions about how responsibilities should be accomplished |
| accountability | taking responsibility for the results achieved |
| unity of command | there is a clear reporting relationship for all staff of a business |
| span of control | the number of employees who are assigned to a particular work task and manager |
| organization chart | a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications |
| functional organizational structure | work is arranged within main business functions such as human resources |
| matrix organizational structure | work is structured around specific projects, products, or customer groups |
Created by:
cameronbaker
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