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