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MGMT100 Exam 1 Part2
| Term | Definition |
|---|---|
| Revenue | the money a company receives by providing services/ selling goods to customers |
| Costs | expense incurred from creating and selling goods/services |
| Profit | the money left over after all costs are paid |
| Five factors of production | natural resources, labor, capital, entrepreneurship, and knowledge |
| Natural resources examples | farmland, forests, minerals, water |
| Labor examples | human resource, the economic contributions of people working with their minds and muscle |
| Capital examples | tools, machinery, equipment, buildings used to produce goods and services and get them to consumers |
| Entrepreneurship examples | people who combine inputs of natural resources, labor, and capital to produce goods/services with intention of making a profit/ accomplishing not-for-profit goal |
| Knowledge | the combined talents and skills of the workforce and has become a primary driver of economic growth |
| Capitalism | based on competition in the marketplace and private ownership of the factors of production (resources) AKA the private enterprise system |
| Communism | characterized by government ownership of virtually all resources, gov. control of all markets, and economic decision-making by central government planning |
| Socialism | basic industries area are owned either by the gov. or by private sector under strong governmental control |
| Mixed Economy | economic several economic systems; for example, an economy where the gov. owns certain industries but others are owned by private section |
| Gross Domestic Product (GDP) | the total market value of all final goods/services produced within a nations borders each year |
| Demand-pull inflation | inflation that occurs when the demand for goods/services is greater than supply |
| Cost-push inflation | inflation that occurs when increases in production costs push up the prices of final goods/services |
| Perfect competition market structure | A large number of small firms sell similar products, buyers and sellers have good info, and businesses can be easily opened/ closed. |
| Pure monopoly market structure | when a single firm accounts for all industry sales of a particular good/service and in which there's barriers to enter |
| Monopolistic competition market structure | where many firms offer products that are close substitutes and in which entry is relatively easy |
| Revenue | the money a company receives by providing services/ selling goods to customers |
| Costs | expense incurred from creating and selling goods/services |
| Sole proprietorship | a business that is established, owned, operated, and often financed by one person |
| Profit | the money left over after all costs are paid |
| Pros of sole proprietorship | easy/inexpensive to form, ease of dissolution, no special taxation |
| Five factors of production | natural resources, labor, capital, entrepreneurship, and knowledge |
| Cons of sole proprietorship | unlimited liability, difficulty raising capital, time commitment |
| Natural resources examples | farmland, forests, minerals, water |
| Partnership | an association of two or more individuals who agree to operate a business together for profit |
| Labor examples | human resource, the economic contributions of people working with their minds and muscle |
| Capital examples | tools, machinery, equipment, buildings used to produce goods and services and get them to consumers |
| Entrepreneurship examples | people who combine inputs of natural resources, labor, and capital to produce goods/services with intention of making a profit/ accomplishing not-for-profit goal |
| Knowledge | the combined talents and skills of the workforce and has become a primary driver of economic growth |
| Capitalism | based on competition in the marketplace and private ownership of the factors of production (resources) AKA the private enterprise system |
| Communism | characterized by government ownership of virtually all resources, gov. control of all markets, and economic decision-making by central government planning |
| Socialism | basic industries area are owned either by the gov. or by private sector under strong governmental control |
| Mixed Economy | economic several economic systems; for example, an economy where the gov. owns certain industries but others are owned by private section |
| Gross Domestic Product (GDP) | the total market value of all final goods/services produced within a nations borders each year |
| Demand-pull inflation | inflation that occurs when the demand for goods/services is greater than supply |
| Cost-push inflation | inflation that occurs when increases in production costs push up the prices of final goods/services |
| Perfect competition market structure | A large number of small firms sell similar products, buyers and sellers have good info, and businesses can be easily opened/ closed. |
| Pure monopoly market structure | when a single firm accounts for all industry sales of a particular good/service and in which there's barriers to enter |
| Monopolistic competition market structure | where many firms offer products that are close substitutes and in which entry is relatively easy |
| Oligopoly market structure | where a few firms produce most/all of the output and in which large capital requirements. other factors limit the number of firms |
| Sole proprietorship | a business that is established, owned, operated, and often financed by one person |
| Pros of sole proprietorship | easy/inexpensive to form, ease of dissolution, no special taxation |
| Cons of sole proprietorship | unlimited liability, difficulty raising capital, time commitment |
| Partnership | an association of two or more individuals who agree to operate a business together for profit |
| Pros of partnership | case of formation, no special taxes, more capital availability |
| Cons of partnership | unlimited liability, conflict between partners, complex profit sharing |
| Corporation | a state-chartered legal entity with a life separate from its owners. Can own property, enter into contracts, sue/ be sued, and engage in business operations under terms of its charter |
| Pros of corporation | limited liability, ease of transferring ownership, ability to attract financing |
| Cons of corporation | double taxation, cost/complexity of formation, government restrictions |
| Limited liability corporation (LLC) | same liability protections as a corporation but can be taxed as partnership/ corporation |
| Merger | combination of two companies that join to form one company |
| Acquisition | one company purchases the other and folds it into their business |
| Organizational charts | visual representation of the relationships among tasks and those employees given authority to do the tasks |
| Departmentalization | the process of grouping jobs together so that similar or associated tasks and activities can be coordinated |
| Functional departmentalization | based on the primary functions performed within an organizational unit |
| Product departmentalization | based on the goods/services produced/sold by the organizational unit |
| Process departmentalization | based on the production process used by the organizational unit |
| Geographic departmentalization | based on the geographic segmentation of the organizational units |
| Four function of management | Planning, organizing, leading, controlling |
| Strategic planning | process of creating long-range (1-5 yrs), broad goals for organization and determining what resources will be needed to accomplish those goals |
| Tactical planning | process of beginning to implement a strategic plan by addressing issues of coordination and allocating resources to different parts of the organization; shorter time (<1 yr) and specific objectives. |
| Operational planning | process of creating specific standards, methods, policies and procedures that are used in specific functional areas and used in specific functional areas of the organization; helps guide and control the implementation of tactical plans |
| Contingency planning | plans that identify alternative courses of action for very unusual/ crisis situations |
Created by:
Butterduc
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