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key term

BM2.102

QuestionAnswer
Business productivity The amount of goods or services prooduced by a business from a set amount of resources
Capital investment The amount of money the business has invested in its good and other property
Competitive advantage The edge achieved by businesses that offer something better than their competitors
Disproportionately Unsuitably unreasonably or inappropriate sized
Division of labor Dividing a large job into units or job tasks and assigning an individual to do each of the taks
Goal setting The ability to visualize set and focus on achieving business objective
Gross domestic product The final market value of the total outputs of all goods and service products within a country geographic boundaries during a year time
Gross domestic product per capita The average productivity of individual 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 by the supply or when productivity declines and costs of labor go up
Input The specific economic resources used introducing goods and services
Job orientation Top prepartion or induction training in which new employees are acquainted with their surrounding receive general information about the company and its polices do or the workers themselves
Labor The work people do or the workers themselves
Mass production The rapid production of large quantities of a product
Objectives Goals to be reaches
Output The goods or services produced as the result of combining inputs
Participative decision- making The involvement of several individuals in making decision in business the participation of employees in decisions to be made by managment
Productivity The amount and value of goods and services produced(output) from set amounts of resource ( input)
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 user
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 event are moving
Worker productivity The amount of worke a worker can perfor in a given period of time ( e.g., customer served per hours.
Created by: Sreyes936
 

 



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