Term
|
Definition
| organization that provides goods or services to earn profits |
|
|
Term
|
Definition
| difference between a business's revenues and its expenses |
|
|
Term
|
Definition
| everytihng outside an organizations boundaries that might affect it |
|
|
Term
|
Definition
| a nation's system for allocating its resources among its citizens |
|
|
Term
|
Definition
| resources used in the production of goods and services - labor, capital, entrepreneurs, physical resources, and information resources |
|
|
Term
|
Definition
| physical and mental capabilities of people as they contribute to economic production |
|
|
Term
|
Definition
| funds needed to create and operate a business enterprise |
|
|
Term
|
Definition
| indvidual who accepts the risks and oppurtunities involved in creating and operating a new business venture |
|
|
Term
|
Definition
| economy that relies on a centralized government to control all of most factors of production and to make all or most production and allocation decisions |
|
|
Term
|
Definition
| political system in which the government owns and operates all factors of production |
|
|
Term
|
Definition
| economy in which individuals control production and allocation decisions through supply and demand |
|
|
Term
|
Definition
| mechanism for exchange between buyers and sellers of a particular good or service |
|
|
Term
|
Definition
| system that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive |
|
|
Term
|
Definition
| process of converting government enterprises into privately owned companies |
|
|
Term
|
Definition
| planned economic system in which the goovernment owns and operates only selcted major sources of production |
|
|
Term
|
Definition
| willingness and ability of buyers to purchace a good or service |
|
|
Term
|
Definition
| the willingness and ability of producers to offer a good or service for sale |
|
|
Term
|
Definition
| economic system that allows individuals to pursue their own interests without undue governmental restriction |
|
|
Term
|
Definition
| vying among businesses for the same resources or customers |
|
|
Term
| perfect competition - give example |
|
Definition
| market or industry characterized by numerous small firms producing an identical product ex (gas stations) |
|
|
Term
| monopolistic competition - give example |
|
Definition
| market or industry characterized by numerous buyers and relatiely numerous sellers trying to differentiate their products from those of competitors (auto industry) |
|
|
Term
|
Definition
| market or industry in which there is only one producer that can therefore set the prices of its products (freshman housing) |
|
|
Term
|
Definition
| industry in which one company can most efficiently supply all needed goods or services |
|
|
Term
|
Definition
| the total quantity and quality of goods and services people can purchace with the currency used in their economic system - varies in the world |
|
|
Term
| gross domestic product (GDP) |
|
Definition
| total value of all goods and services produced within a given period by a national economy through domestic factors of production (no under the table) |
|
|
Term
| gross national product (GNP) |
|
Definition
| total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located |
|
|
Term
|
Definition
| gross domestic product (GDP) adjusted to account for changes in curency values and prices changes |
|
|
Term
|
Definition
| the principle that exchange rates are set so that the prices fo similar products in different countries are about the same |
|
|
Term
|
Definition
| occurs when widespread price increases occur throughout an economic system |
|
|
Term
|
Definition
| the level of joblessness among people actively seeking wok in an economic system |
|
|
Term
|
Definition
| a period furing which aggregate output, as measured by GDP, declines |
|
|
Term
|
Definition
| a prolonged and deep recession |
|
|
Term
|
Definition
| beliefs about what is right or wrong and good or bad in actions that affect others |
|
|
Term
|
Definition
| behavior conforming to generally accepted social norms concerning beneficial and harmful actions |
|
|
Term
|
Definition
| behavior that does not conform to generally accepted socail norms concerning beneficial and harmful actions |
|
|
Term
|
Definition
| ethical or unethical behaviors by employees in the context of their jobs |
|
|
Term
|
Definition
| standards of behavior that guide indiviual managers in their work |
|
|
Term
|
Definition
| the attempt of a business to balance its commitments to groups and individuals in its environment, including, customers, other businesses, employees, investors, and local communiites |
|
|
Term
| organizational stakeholders |
|
Definition
| those groups, individuals, and organizations that are directly affected by the practices of an organization and who therfore have a stake in its performance |
|
|
Term
|
Definition
| employee who detects and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them |
|
|
Term
|
Definition
| illegal practice of using special knowledge about a firm for profit or gain |
|
|
Term
| small business administration (SBA) |
|
Definition
| government agency charged with assisting small businesses |
|
|
Term
|
Definition
| independently owned business that has relatively little influence in its market |
|
|
Term
|
Definition
| document in which an entrepreneur summarizes her or his business strategy for a proposed new venture and how that strategy will be implemented |
|
|
Term
|
Definition
| arrangement in which a buyer purchases the right to sell the good or service of the seller |
|
|
Term
|
Definition
| group of small investors who invest money in companies with rapid growth potential |
|
|
Term
|
Definition
| business owned and usually operated by one person who is responsible for all of its debts |
|
|
Term
|
Definition
| legal principle holding owners responsible for paying off all debts of a business |
|
|
Term
|
Definition
| business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts |
|
|
Term
|
Definition
| type of partnership consisting of limited partners and a general (or active) partner |
|
|
Term
| general (or active) partner |
|
Definition
| partner who actively manages a firm and who has unlimited liability for its debts |
|
|
Term
|
Definition
| business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments |
|
|
Term
|
Definition
| legal principle holding investors liable for a firm's debts only to the limits of their personal investments in it |
|
|
Term
| closely held (or private) corporation |
|
Definition
| corporation whose stock is held by only a few people and is not available for sale to the general public |
|
|
Term
|
Definition
| hybrid of a closely held corporation and a partnership, organized and operated like a corporation but treated as a partnership for tax purposes |
|
|
Term
| limmited liability corpoeration (LLC) |
|
Definition
| hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoythe benefits of limited liability |
|
|
Term
| multinational (or transnational) corporation |
|
Definition
| form of corporation spanning national boundaries |
|
|
Term
| stockholder (or shareholder) |
|
Definition
| owner of shares of stock in a coporation |
|
|
Term
|
Definition
| roles of shareholders, directors, and other managers in corporate decision making and accountability |
|
|
Term
|
Definition
| governing body of a corporation that reports to its shareholders and delegates poer to run its day-to-day operations while remaining responsible for sustaining is assets |
|
|
Term
|
Definition
| top management team of a corporation |
|
|
Term
| chief executive officer (CEO) |
|
Definition
| top manager who is responsible for the overall performance of a corporation |
|
|
Term
|
Definition
| strategy in which two or more organizations collaborate on a project for mutual gain |
|
|
Term
|
Definition
| strategic alliance in which the collaboration inolves joint ownership of the new venture |
|
|
Term
|
Definition
| the union of two corporations to form a new corporation |
|
|
Term
|
Definition
| the purchase of one company by another |
|
|
Term
|
Definition
| strategy whereby a firm sells one or more of its business units |
|
|
Term
|
Definition
| product made or grown abroad but sold domestically |
|
|
Term
|
Definition
| product made or grown domestically but shipped and sold abroad |
|
|
Term
|
Definition
| process by which the world economy is becoming a single interdependent system |
|
|
Term
| North American Free Trade Agreement (NAFTA) |
|
Definition
| agreement to gradually eliminate tariffs and other trade barriers among the US, Canada, and Mexico |
|
|
Term
|
Definition
| organization for economic, social, and securtiy cooperation among Eurpean nations (stronger then NAFTA) |
|
|
Term
| World Trade Organization (WTO) |
|
Definition
| organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices |
|
|
Term
|
Definition
| the practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services |
|
|
Term
|
Definition
| process of planning, organizing, leading, and controlling and organization's resources to achieve its goals |
|
|
Term
|
Definition
| management process of determining what an organization needs to do and how best to get it done |
|
|
Term
|
Definition
| management process of determining how best to arrange an organization's resources and activities into a coherent structure |
|
|
Term
|
Definition
| management process of guiding and motivating employees to meet an organization's objectives |
|
|
Term
|
Definition
| management process of monitoring an organization's performance to ensure that it is meeting its goals |
|
|
Term
|
Definition
| manager reponsible for a firm's overall performance and effectiveness |
|
|
Term
|
Definition
| manager reposnsible for implementing the strategies and working toward the goals set by top managers |
|
|
Term
|
Definition
| manager responsible for supervising the work of employees |
|
|
Term
|
Definition
| skills in defining problems and selecting the best courses of action |
|
|
Term
|
Definition
| objective that a business hopes and plans to achieve |
|
|
Term
|
Definition
| broad set of organizational plans for implementing the decisions made for achieving organizational goals |
|
|
Term
|
Definition
| organization's statement of how it will achieve its purpose in the environment in which it conducts its business |
|
|
Term
|
Definition
| goal set for an extended time, typically five years or more into the future |
|
|
Term
|
Definition
| goal set for the very near future |
|
|
Term
|
Definition
| strategy for determining a firm's overall attitude toward growth and the way it will manage its businesses or product lines |
|
|
Term
| business (or competitive) strategy |
|
Definition
| strategy, at the business-unit or product-line livel, focusing on improving a firm's competitive position |
|
|
Term
|
Definition
| strategy by which managers in specific areas decide how best to achieve corporate goals through productivity |
|
|
Term
|
Definition
| identification and analysis of organizational strenghths and weaknesses and environmental opportunities and threats as part of strategy formulation |
|
|
Term
|
Definition
| process of scanning the business environment for threats and opportunities |
|
|
Term
|
Definition
| organization's methods for dealing with emergencies |
|
|
Term
|
Definition
| specification of the jobs to be done within an organization and the ways in which they relate to one another |
|
|
Term
|
Definition
| diagram depicting a company's structure and showing employees where they fit into its operations |
|
|
Term
|
Definition
| reporting realtionships within a company |
|
|
Term
|
Definition
| number of people supervised by one manager |
|
|
Term
|
Definition
| process through which a manager allocates work to subordinates |
|
|
Term
| flat organizational structure |
|
Definition
| characteristic of descentralized companies with relatively few layers of management |
|
|
Term
| tall organizational structure |
|
Definition
| characteristics of centralized companies with multiple layers of management |
|
|
Term
|
Definition
| organization in which most decision-making authority is delegated to level sof management at points below the top |
|
|
Term
| decentralized organization |
|
Definition
| organization in which a great deal of decision-making authority is delegated to levels of management at points below the top |
|
|
Term
|
Definition
| power to make the decisions necessary to complete a task |
|
|
Term
|
Definition
| obligation employees have to their manager for the successful completion of an assigned task |
|
|
Term
| committee and team authority |
|
Definition
| authority granted to committees or teams involved in a firm's daily operations |
|
|
Term
| service operations (service production) |
|
Definition
| activities producing intangible and tangible products, such as entertainment, transportation, and education |
|
|
Term
| goods operations (goods production) |
|
Definition
| activities producing tangible products, such as radios, newspapers, buses, and textbooks |
|
|
Term
|
Definition
| activities involved in making products - goods and services - for customers |
|
|
Term
|
Definition
| the combination of "characteristics of a product or service that bear on its ability to satisfy stated or implied needs" |
|
|
Term
|
Definition
| the action of ensuring that operations produce products that meet specific quality standards |
|
|
Term
| supply chain (value chain) |
|
Definition
| flow of information, materials, and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches the end customer |
|
|
Term
| supply chain management (SCM) |
|
Definition
| principle of looking at the supply chain as a whole to improve the overall flow through the system |
|
|
Term
|
Definition
| the processes and behaviors used by someone, such as a manager, to motivate, inspire, and influence the behaviors of others |
|
|
Term
|
Definition
| choosing one alternative from among several options |
|
|
Term
| human resource management (HRM) |
|
Definition
| set of organizational activities directed at attracting, developing, and maintaining an effective workforce |
|
|
Term
|
Definition
| compensation other than wages and salaries |
|
|
Term
|
Definition
| unwelcome sexual advances in the workplace |
|
|
Term
|
Definition
| form of sexual harassment in which sexual favors are requested in return for job-related benefits |
|
|
Term
|
Definition
| form of sexual harassment deriving from off-color jokes, lewd comments, and so forth |
|
|
Term
|
Definition
| employee hired on something other than a full-time basis to supplement an organization's permanent workforce |
|
|
Term
|
Definition
| group of individuals working together to achieve shared job-related goals, such as higher pay, shorter working hours, more job security, greater benefits, or better working conditions |
|
|
Term
|
Definition
| process of dealing with employees who are represented by a union |
|
|
Term
|
Definition
| the activity, set of institiutions, and processes for creating, communicating, delivering, and enhancing offerings that have value for customers, clients, partners, and society at large |
|
|
Term
|
Definition
| physical products purchased by consumers for personal use |
|
|
Term
|
Definition
| physical products purchased by companies to produce other products |
|
|
Term
|
Definition
| products having nonphysical features, such as information, expertise, or an activity that can be purchased |
|
|
Term
|
Definition
| product that is dissimilar from those of competitors but that can fulfill the same need |
|
|
Term
|
Definition
| detailed strategy for focusing marketing efforts on consumers' needs and wants |
|
|
Term
|
Definition
| the combination of product, pricing, promotion, and place |
|
|
Term
|
Definition
| good, service, or idea that is marketed to fill consumers' needs and wants |
|
|
Term
|
Definition
| part of the marketing mix concerned with getting products from producers to consumers |
|
|
Term
|
Definition
| aspect of the marketing mix concerned with the most effective techniques for communicating information about products |
|
|
Term
|
Definition
| group of people that have similar whants and needs and can be expected to show interest in the same products |
|
|
Term
|
Definition
| process of dividing a market into categories of customer types or "segments" |
|
|
Term
| convenience good/convenience service |
|
Definition
| inexpensive good or service purchased and consumed rapidly and regularly |
|
|
Term
| specialty good/specialty service |
|
Definition
| expensive, rarely purchased good or service |
|
|
Term
|
Definition
| process of using symbols to communicate the qualities of a product made by a particular producer |
|
|
Term
|
Definition
| extent to which a brand name comes to mind when a consumer considers a particular product category |
|
|
Term
|
Definition
| process of determining what a company will receive in exchange for its products |
|
|
Term
|
Definition
| a company's percentage of the total industry sales for a specific product type |
|
|
Term
|
Definition
| intermediary who sells products to other businesses for resale to that consumer |
|
|
Term
|
Definition
| intermediary who sells products directly to consumers |
|
|
Term
|
Definition
| form of nonstore retailing in which the telephone is used to sell directly to consumers |
|
|
Term
|
Definition
| activities needed to move a product effeciently from manufacturer to consumer |
|
|
Term
|
Definition
| promotional tool consisting of paid, nonpersonal communication used by an identified sponsor to inform an audience about a product |
|
|
Term
| point of sale (POS) display |
|
Definition
| sales-promotion technique in which product displays are located in certain areas to stimulate purrchase or to provide information on a product |
|
|
Term
| information technology (IT) |
|
Definition
| the various appliances and devices for creating, storing, exchanging, and using information in diverse modes, including visual images, voice, multimedia, and business data |
|
|
Term
| management information system (MIS) |
|
Definition
| computer system that supports managers by providing information- reports, schedules, plans, and budgets - that can be used for making decisions |
|
|
Term
|
Definition
| something produced by the intellect or mind that has comercial value |
|
|
Term
|
Definition
| comprehensive system for collecting, analyzing, and communicating financial information |
|
|
Term
|
Definition
| systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations |
|
|
Term
| Sarbanes-Oxley Act of 2002 |
|
Definition
| enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations |
|
|
Term
|
Definition
| Assets = Liabilities + Owners' Equity; used by accountants to balance data for the firm's financial transactions at various points of the year |
|
|
Term
|
Definition
| any economic resource expected to benefit a firm or an individual who owns it |
|
|
Term
|
Definition
| debt owed by a firm to an outside organization or individual |
|
|
Term
|
Definition
| amount of money that owners would receive if they sold all of a firm's assets and paid all of its liabilities |
|
|
Term
|
Definition
| any of several types of reports summarizing a compnay's financial status to stakeholders and to aid in managerial decision making |
|
|
Term
|
Definition
| financial statement that supplies detailed information about a firm's assets, liablities, and owners' equity |
|
|
Term
|
Definition
| ease with which an asset can be converted into cash |
|
|
Term
| income statement (profit-and-loss statement) |
|
Definition
| financial statement listing a firm's annual revenues and expenses so that a bottom line shows annual profit or loss |
|
|
Term
|
Definition
| funds that flow into a business from the sale of goods or services |
|
|
Term
|
Definition
| a company's total liabilities |
|
|
Term
|
Definition
| profitabliity ratio measureing the net profit that the company earns for each share of outstanding stock |
|
|
Term
|
Definition
| interest rate available to a bank's most creditworthy customers |
|
|
Term
| federal reserve system (FED) |
|
Definition
| central bank of the US which acts as the government's bank, serves member commercial banks, and controls the nation's money supply |
|
|
Term
|
Definition
| agency that provides a limited scope of financail services, such as funding improvements in underdeveloped countries |
|
|
Term
| internation monetary fund (IMF) |
|
Definition
| Un agency consisting of about 150 nations that have combined resources to promote stable exchanges, provide temporary short-term loans, and serve other purposes |
|
|
Term
|
Definition
| a portion of ownership of a corporation |
|
|
Term
|
Definition
| the most basic form of ownership, including voting rights on major issues, in a company |
|
|
Term
|
Definition
| payment to shareholders, on a pershare basis, out of the company's earnings |
|
|
Term
|
Definition
| illegal practice of using special knowledge about a firm for profit or gain |
|
|
Term
|
Definition
| stocks, bonds, and mutual funds representing secured, or asset-based, claims by investors against issuers |
|
|
Term
|
Definition
| markets in which stocks and bonds are sold |
|
|
Term
|
Definition
| an organization of individuals to provide in institutional auction setting in which stocks can be bought and sold |
|
|
Term
|
Definition
| fee paid to a lender for the use of borrowed funds; like a rental fee |
|
|
Term
|
Definition
| private funds by wealthy individuals seeking investment opportunities in new growth companies |
|
|
Term
|
Definition
| a formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity |
|
|
Term
|
Definition
| court-granted permission for a compnay to not pay some or all debts |
|
|
Term
|
Definition
| codified rules of behavior enforced by a society |
|
|
Term
|
Definition
| body of decision handed down by courts ruling on individual cases |
|
|
Term
| regulatory (administrative law) |
|
Definition
| law made by the authority of admisnistrative agencies |
|
|
Term
|
Definition
| created by constitution(s) or by federal, state, or local legislative acts |
|
|
Term
|
Definition
| elimination of rules that restrict business activity |
|
|
