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BM II obj 102
Business Management II
| Term | Definition |
|---|---|
| Business Productivity | The amount of goods or services produced by a business from a set of amount of resources |
| Capital Investment | The amount of money the business has invested in its goods and other property |
| Competitive advantage | The edge archieved by businesses that offer something better than their 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 capita | The average productivity of indivdual workers 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 productivity declines and cost of labor go up |
| Inputs | The specific economic resources used in producing goods and services |
| Job orientation | Job preparation or induction training in which new employees are acquainted with their surroundings, recieve general information about the company and its policies |
| 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 decison-making | The involvment of several individuals in making decisions; in business, the participation of employees in decision to be made by management |
| Productivity | The amount of values of goods and services produced (outputs) from set amounts of resources (inputs) |
| Quality of work life | The general conditions in which employees work |
| Service business | A type of business that performs intagible 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; quality of life |
| Standardization | The organization of work so that it is 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 give period of time |
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