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| The set of shared company values and norms that shape the way employees and groups interact with one another |
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| A structure that groups people and resources in two ways – by function/product |
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| Minimum chain-of-command principle |
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| the principle that a company's structure should be designed with less management levels |
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| the shared standards to evaluatue whether they helped their company's goals |
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| beliefs attitudes/etc. That company's members |
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| Goal-directed bhavior aimed at getting and using productive resources to buy/make/trade/sell goods and services that can be sold at a profit |
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| The costs of acquiring and using the four productive resources to make and sell goods and services |
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| Any kind of good or service that other people value and want to buy. |
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| An organization that is not in business to make profit but to provide value to the people and groups it serves |
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| The exchange of products through the use of money |
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| The echange of one product for another product |
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| the principle that states as the price of a product rises, consumers will buy less of it, and as the price of it falls, consumers will buy more of it |
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| The principle that states that as the price of a product rises, producers will supply more of it, and that as the price of it falls, producers will supply less of it |
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| A measurement of how well a company is making use of its resources relative to its competitors |
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| the higher price a seller is able to charge versus what its competitiors can charge |
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| The process by which people become more skilled and productive when they perform narrowly defined range of tasks |
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| the principle that the pursuit of self-interest in the marketplace naturally leads to the improved well-being of society in general |
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| A situation in which one company controls the supply of a product and can charge an artificially high price for it |
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| a person’s stock of knowledge/skills/experience/judgement/personality/abilities |
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| the costs of bargaining/negotiating monitoriing/regulating exhchanges between people in business |
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| A phenomenon that ouccrs when people pool their skills to create more valuable products than they could create alone. |
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| the coordinated series or sequence of functional activies necessary to transform resources into the products customers want to buy |
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| People given the right by a ruler to control a country’s resources, including its land and labor |
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| the price at which capital will be loaned |
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| the development of new and improved products and new and improved methods to create them |
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| the economic or business system in which the private ownership of resources becomes the basis for the production and distribution of goods and services |
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| a legal system in which the personal capital and wealth of all a company’s stockholders can be seized to pay its debts |
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| A legal system that prevents creditors from seizing the personal wealth of a company’s stockholders to pay a company’s debts |
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| two or more skilled professionals who agree to pool their talents and capital to establish a company in which they are the stockholders and owners |
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| a non-incorporated business entirely owned by one person |
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