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Chapter 7 Vocab

TermDefinition
Aptitude a natural ability to do something
Business Life Cycle the stages a business goes through over time, from development to decline
Centralized -Decentralized Centralized means to concentrate power or decision-making in one place, while decentralized means to distribute power or decision-making across multiple people or groups
Chain of Command a hierarchy of authority and reporting relationships within an organization
Compensation something, typically money, awarded to someone as a recompense for loss, injury, or suffering
Control the power to influence or direct people's behavior or the course of events
Downtime time during which a machine, especially a computer, is out of action or unavailable for use
Hierarchy a system or organization in which people or groups are ranked one above the other according to status or authority
Inventory a complete list of items such as property, goods in stock, or the contents of a building
Laissez-Faire abstention by governments from interfering in the workings of the free market
Morale the mental and emotional condition (as of enthusiasm, confidence, or loyalty) of an individual or group with regard to the function or tasks at hand
Organizational Structure the framework that defines how a company's activities are organized, directed, and coordinated
Productivity a measure of economic performance that compares the amount of goods and services produced (output) with the amount of inputs used to produce those goods and services
Strategic Planning a process that helps a business define its goals, identify opportunities, and allocate resources
Created by: lsnow27
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