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BM II 102
LAP EC-018 Productivity
Term | Definition |
---|---|
business productivity | The amount of goods or services produced by a business from a set amount of resources |
capital investment | The amount of money the business has invested in its goods or other property |
competitive advantage | The edge achieved by businesses that offer something better than the competitors |
disproportionately | Unsuitably, unreasonably, or inappropriately sized |
division of labor | dividing a large job into units, or job tasks, and assigning an individual to do each of the tasks |
efficiency | accomplishing a task with a minimum expenditure of time and effort |
goal setting | the ability to visualize, set, and focus on achieving business objectives |
gross domestic product | The final market value of the total outputs of all goods and services produced within a country's geographic boundaries during a year's time |
gross domestic product per capital | the average productivity of individual worker calculated by dividing the gross domestic product by the worker hours required to produce it |
inflation | a rapid rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up |
inputs | The specific economic resources used in producing goods and services |
job orientation | Job prep or induction training in which new employees are acquainted with their surroundings , receive general info about the company and its policies, and are given specific info about their jobs |
labor | the work people do or the workers themselves |
mass production | the rapid production of large quantities of a product |
objectives | goals to be reached |
outputs | the goods or services produced as the result of combining inputs |
participative decision-making | The involvement of several individuals in making decisions; in business, the participation of employees in decisions to be made by management |
productivity | the amount and value of goods and services produced from set amounts of resources |
quality of work life | the general conditions in which employees work |
service business | a type of business that performs intangible activities that satisfy the wants of consumers or industrial users |
specialization | the process of making the best use of resources in the production of goods and services |
standard of living | the general conditions in which people live |
standardization | the organization of work so that its always done in the same way |
trend | the general direction in which people or events are moving |
worker productivity | the amount of work a worker can perform in a given period of time |