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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 and other property |
competitive advantage | the edge achieved by the business that offer something better than their competitors |
disproportionately | unsuitably unreasonable or inappropriately sized |
division of labor | dividing a large job into units or job task and assigning an individual to do each of the task |
efficiency | accomplishing a task with minimum expenditure of time and effort |
goal setting | the ability to visualize set and focus on achieving business objective |
gross domestic product per capita | the final market value of the total outputs of all goods and services produced within a country geographic boundaries during a years time |
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 preparation or induction training in witch new employees are acquainted with their surroundings receive general information about the company and its policies and are given specific information 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 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 the set 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 |
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 |
stamda |