Business Management Final Exam Study Guide

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Theory X

Business Management theory that assumes people are basically lazy and will avoid working if they can.

Theory Y

Business management theory that assumes people find satisfaction in their work

Theory Z

Business management theory that integrates Japanese and American business practices.

Patent

the document the federal government issues to inventors and companies that give them the exclusive right to make, use and sell their inventions for 17 years.

Opportunity Cost

the loss associated with the best opportunity that is passed up.

Social Responsibility

the obligation that individuals or business have to help solve social problems

Equilibrium Price

the price at which supply equals demand

Copyright

the protection provided to a creative work

Scarcity

too few resource available for everyone in the world to consumes as much as he or she would like

Embargo

total ban on the import of a good from a paricular country

Trademark

word, name, symbol, or slogan a business uses to identify its own goods and set them apart from others.

Balance of Trade

the difference between the value of the goods a country exports and the value of the goods it imports.

Ethical Dilemma

are situations in which the ethical course of action is not clear.

Wheeler-Lea Act

bans unfair or deceptive acts or practices, including false advertising.

Breakeven

reveals how many units of a good or service a business needs to sell before it begins earning a profit

Cover Letter

sent with resume as a brief introduction; emphasizes accomplishments most relative to a job

Comparative Advantage

states that producers should produce the goods they are most efficient at producing and purchase from others the goods they are less efficient at producing

Economics

study of how societies decide what to produce, how to produce it, and how to distribute what they produce

Networking

talking to people who may offer you job leads, contacts, or other information

Tariff

tax on imports

Federal Food, Drug, and Cosmetic Act

1938 bans the sale of impure, improperly labeled, falsely guaranteed, and unhealthful foods, drugs, and cosmetics.

Absolute Advantage

the ability to produce more of a good than another producer with the same quantity of inputs.

NAFTA

North America Free Trade Agreement

Personality

the combination of all the unique qualities that make you who you are.

Corporation

a business formed under state or federal statutes that is authorized to act as a legal person

Sole Proprietor

a business owned by a single individual, or proprietors

Stakeholders

a company's employees, customers, suppliers, and the community

Free Trade Area

a region within which trade restrictions are reduced or eliminated.

Total Quality Management

a system of management based on involving all employees in a constant process of improving quality and productivity by improving how they work

Property tax

a tax levied against the property, buildings, or land owned by a business.

Partnership

an association of two or more persons who jointly own a for-profit business

Global Economy

an economy in which companies compete actively with business from all over the world.

American with Disability Act

companies cannot discriminate against persons with disabilities.

Economic indicators

data that show how the economy is performing

Internation Trade

exchange of goods and services by different countries

Exports

goods and services sold abroad

Imports

goods and services that are purchased aboard

Unions

groups of worker who collectively bargain for rights such as higher wages and better working conditions

Glass Ceiling

invisible barrier tha prevents women and minorities from moving up in the business world

Clayton Act of 1914

makes it illegal to charge different prices to different wholesale customers.

Monopoly

occurs when one party maintains total control over a type of industry

Intellectual property

ownerships of ideas, such as inventions books, movies, and computers program

Entrepreneurs

person who launches and runs his or her own business

Recession

phase of the business cycle in which growth falls for two three-mo nth periods in a row.

Quota

restrictions on the quantity of a good that can enter a country


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