Business Management

service business

. Businesses that use mostly labor to offer mostly intangible products to satisfy consumer needs

demand

. Number of like products that will be offered for sale at a particular time and at a certain price

Productivity

. Producing products and services quickly, at low cost, without wasting time and material

economics

. The body of knowledge that relates to producing and using goods and services that satisfy human wants is called

innovation

. When Apple Computer built a personal computer it was an example of

uses teamwork and improved work procedures

A company that is committed to total quality management

service business

A lawn-mowing business is an example of

U.S. manufacturers improved quality and efficiency

A result of global competition on the U.S. auto industry was that

inflation

A(n) ________ occurs when demand for the total goods and services available is less than the supply.

Production

Activity that involves making a product or providing a service

mixed economy

An economic system that uses aspects of a market economy and a command economy to make decisions about what, how, and for whom goods and services will be produced is called a(n)

cash paid for work that is not reported on taxes

An example of income that would be included in the underground economy but not included in the GDP is

the standard of living

An important measure of individual well-being is

economic system

An organized way for a country to decide how to use its productive resources is called a(n)

capital goods

Buildings, tools, machines, and other equipment that are used to produce other goods but do not directly satisfy human wants

increasing all worker's salaries

Businesses are reacting to a changing society by all of the following except

Industrial businesses

Businesses that produce goods used by other businesses or organizations to make things

25

By 2050, the Hispanic population in the United States will reach nearly ____ percent of the U.S. population.

industrial businesses

Coal-mining and construction companies are examples of

code of ethics

Collection of principles and rules that define right and wrong conduct for an organization

Socialism

Economic-political system in which the government controls the use of the country's factors of production

. setting a lower price than competitors

Efficiency can be achieved in all of the following ways except

labor force

Group that includes most people 16 or over who are available for work, whether employed or unemployed

Baby Boom

High-birth-rate period between 1945 and 1965

state holders

Individuals or groups affected by a firm's actions, such as owners, customers, suppliers, employees, creditors, government, and the public

market economy

Jax lives in a country where only individual buying decisions in the marketplace determine what, how, and for whom goods and services will be produced. Jax lives in a country that has primarily a

business

Organization that produces or distributes a good or service for profit

comparable worth

Paying workers equally for jobs with similar but not identical job requirements

recycling, EPA regulations, following the CERES Principles

Pollution can, in part, be controlled through

Inflation

Rapid rise in prices caused by an inadequate supply of goods and services

downsize

Reduce the amount and variety of goods and services produced and the number of employees needed to produce them.

Entrepreneur

Someone who starts, manages, and owns a business

innovation

Something entirely new

buiness owners, customers, creditors

Stakeholders could include

Ethics

Standards of moral conduct that individuals and groups set for themselves, defining what behavior they value as right or wrong

working via communication technology instead of showing up at an office

Telecommuting means

nongovernmental organizations (NGOs)

The American Civil Liberties Union and the Sierra Club are examples of

people aged 16 and over who are available for work , employed people aged 16 and over and unemployed people aged 16 and over

The U.S. labor force includes

utility

The ability of a good or a service to satisfy a want is called

Global Competition

The ability of businesses from one country to compete with similar businesses in other countries is known as

Global Competition

The ability of businesses from one country to compete with similar businesses in other countries.

human capital

The accumulated knowledge and skills of human beings and the total value of each person's education and acquired skills are called

consumer price index

The average change in prices of consumer goods and services typically purchased by people living in urban areas is known as the

Economic Wants

The desire for scarce material goods and services.

profit

The difference between earned income and costs is

Social Responsibility

The duty of a business to contribute to the well-being of society is called

Social Responsibility

The duty of business to contribute to the well-being of society

capitalism

The free-enterprise system, which operates in a democracy, is called

all of the countries in the European Union

The gross domestic product (GDP) of the United States is approximately equal to that of

Rust Belt

The north central and northeastern states where the major manufacturing firms once dominated is called the

economic growth

When a country's output exceeds its population growth it will have

glass ceiling

When people encounter difficulties in being promoted to management above a certain level they have encountered

all are ways

Which of the following are basic ways to increase the production of goods and services in order to encourage economic growth?

a guaranteed minimum profit

Which of the following is not offered to a franchisee by a franchisor?

Reducing prices charged to customers

Which of the following is not one of the ways companies can achieve efficiency?

Ethics always shows what is right and what is wrong.

Which of the following is not related to the concept of ethics?

They feel less loyal to a particular employer.

Which of the following is not true for the Net Generation?

Low-cost labor is the key to U.S. competitiveness.

Which of the following is true about labor in today's world?

The labor participation rate increased because more women have taken jobs outside the home.

Which of the following is true of the U.S. labor participation rate?

Recession

a decline in the GDP that continues for six months or more

business cycles

a pattern of irregular but repeated expansion and contraction of the GDP

industry

all businesses within a category doing similar work

natural resources

anything provided by nature that affects the productive ability of a country

land, labor, capital, entrepreneurship

factors of production

glass ceiling

invisible barrier to job advancement

private property

items of value that individuals can own, use, and sell

Baby Bust

low birth rate period that followed the boomer period

both econimic and economic wants

people have

foreign goods

products made by firms in other countries

Utility

the ability of any good or service to satisfy consumer wants

labor

the human effort, either physical or mental, that goes into the production of goods and services

sticky floor syndrome

the inability of these workers to move up from low-paying jobs

franchiser

the parent company of a franchise agreement that provides the product or service

labor participation rate

the percentage of the labor force either employed or actively seeking employment

output

the quantity produced within a given time

Gross Domestic Product (GDP)

the total market value of all final goods and services produced in a country in a year

Privitization

the transfer of authority to provide a good or service from a government to individuals or privately owned businesses

Net Generation

those born between 1977 and 1997

Telecommuting

to work from home or on the road, staying in contact with employer electronically