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CH 5

TermDefinition
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