Term
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Definition
| the system of business in which individuals are free to decide what to produce, how to produce, and what price to sell it |
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Term
| cultural/workplace diversity |
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Definition
| differences among people in a workforce owing to race, ethnicity, and gender |
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Term
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Definition
| the organized effort of individuals to produce and sell for a profit the products and services that satisfy society's needs |
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Term
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Definition
| what remains after all business expenses have been deducted from sales revenue |
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Term
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Definition
| all the different people or groups of people who are affected by the policies and decisions made by an organization |
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Term
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Definition
| the study of how wealth is created and distributed |
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Term
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Definition
| the study of the decisions made by individuals and businesses |
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Term
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Definition
| the study of the national economy and the global economy |
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Term
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Definition
| the way in which people deal with the creation and distribution of wealth |
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Term
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Definition
| resources used to produce goods and services: natural resources, labor, capital, entrepreneurship |
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Term
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Definition
| a person who risks time, effort, and money to start and operate a business |
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Term
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Definition
| an economic system in which individuals own and operate the majority of businesses that provide goods and services |
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Term
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Definition
| Adam Smith: to describe how an individual's personal gain benefits others and nation's economy |
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Term
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Definition
| an economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices |
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Term
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Definition
| an economy that exhibits elements of both capitalism and socialism |
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Term
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Definition
| goods and services purchased by individuals for personal consumption |
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Term
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Definition
| govt. decides what,how, and for whom goods and services will be produced and who owns/controls major factors of production |
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Term
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Definition
| the avg. level of output per worker per hr. |
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Term
| Gross Domestic Product (GDP) |
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Definition
| total dollar value of all goods and services produced by all people within the boundaries of a country during a 1 yr. period. |
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Term
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Definition
| a general rise in the level of prices |
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Term
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Definition
| a general decrease in the level of prices |
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Term
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Definition
| the percentage of a nation's labor force unemployed at any time |
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Term
| Consumer Price Index (CPI) |
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Definition
| a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area |
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Term
| Producer Price Index (PPI) |
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Definition
| an index that measures prices that producers receive for their finished goods |
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Term
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Definition
| the recurrence of periods of growth and recession in a nation's economic activity |
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Term
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Definition
| two or more consecutive 3 month periods of decline in a country's GDP |
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Term
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Definition
| a severe recession that lasts longer than a typical recession |
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Term
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Definition
| government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of govt. spending |
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Term
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Definition
| a shortfall created when the federal govt. spends more in a fiscal year than it receives |
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Term
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Definition
| the total of all federal deficits |
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Term
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Definition
| rivalry among businesses for sales for potential customers |
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Term
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Definition
| the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the prices of a product |
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Term
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Definition
| the quantity of a product that producers are willing to sell at each of various prices |
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Term
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Definition
| the quantity of a product that buyers are willing to purchase at each of various prices |
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Term
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Definition
| the price where the quantity demanded is exactly equal to the quantity supplied |
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Term
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Definition
| many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors |
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Term
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Definition
| process of developing and promoting differences between one's products and all similar products |
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Term
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Definition
| a market in which there are few sellers |
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Term
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Definition
| a market with only 1 seller, and there are barriers to keep others from entering the industry |
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Term
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Definition
| an industry requiring huge investments in capital and where duplication of facilities would be wasteful and not in the public interest |
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Term
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Definition
| a loose, subjective measure of how well off an individual/society i, in terms of want satisfaction through goods and services |
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Term
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Definition
| a system of exchange in which goods/services are traded directly for other goods or services without using money |
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Term
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Definition
| an entrepreneur distributes raw materials to various homes where families process them into finished goods to be offered for sale by the merchant entrepreneur |
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Term
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Definition
| all materials, machinery and workers required to manufacture a product are assembled in one place |
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Term
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Definition
| the separation of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals |
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Term
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Definition
| the organized effort of individuals to produce and sell through the Internet, for a profit, the products and services that satisfy society's needs |
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Term
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Definition
| an economy in which more effort is devoted to the production of services than to the production of goods |
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Term
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Definition
| meeting the needs of the present without compromising the ability of future generations to meet their own needs |
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Term
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Definition
| the study of right and wrong and of the morality of the choices individuals make |
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Term
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Definition
| the application of moral standards to business situation |
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Term
| Sarbanes-Oxley Act of 2002 |
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Definition
| provides sweeping new legal protection for employees who report corporate misconduct |
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Term
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Definition
| a guide to acceptable and ethical behavior as defined by the organization |
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Term
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Definition
| informing the press or government officials about unethical practices within one's organization |
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Term
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Definition
| the recognition that business activities have an impact on society and the consideration of that impact in business decision making |
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Term
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Definition
| a Latin phrase meaning "let the buyer beware" |
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Term
| economic model of social responsibility |
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Definition
| the view that society will benefit most when business is left alone to produce and market profitable products that society needs |
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Term
| socioeconomic model of social responsibility |
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Definition
| the concept that business should emphasize not only profits but also the impact of its decisions on society |
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Term
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Definition
| all activities undertaken to protect the rights of consumers |
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Term
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Definition
| a racial, religious, political, national, or other group regarded as different from the larger group of which it is a part and that is often singled out for unfavorable |
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Term
| affirmative action program |
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Definition
| a plan designed to increase the number of minority employees at all levels within an organization |
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Term
| Equal Employment Opportunity Commission (EEOC) |
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Definition
| a govt. agency with the power to investigate complaints of employment discrimination and the power to sue firms that practice it |
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Term
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Definition
| workers with little education or vocational training and a long history of unemployment |
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Term
| National Alliance of Business |
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Definition
| a joint business-govt. program to train the hard-core unemployed |
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Term
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Definition
| the contamination of water, air, or land through the actions of people in an industrialized society |
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Term
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Definition
| a comprehensive report of what an organization has done and is doing with regard to social issues that affect it |
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Term
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Definition
| all business activities that involve exchanges across national boundaries |
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Term
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Definition
| the ability to produce a specific product more efficiently than any other nation |
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Term
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Definition
| the ability to produce a specific product more efficiently than any other product |
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Term
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Definition
| selling and shipping raw materials or products to other nation |
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Term
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Definition
| purchasing raw materials or products in other nations and bringing them into one's own country |
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Term
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Definition
| the total value of a nation's exports minus the total value of its imports over some period of time |
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Term
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Definition
| a negative balance of trade |
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Term
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Definition
| the total flow of money into a country minus the total flow of money out of that country over some period of time |
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Term
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Definition
| a tax levied on a particular foreign product entering a country |
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Term
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Definition
| exportation of large quantities of a product at a price lower than that of the same product in the home market |
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Term
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Definition
| a nontax measure imposed by a govt. to favor domestic over foreign suppliers |
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Term
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Definition
| a limit on the amount of a particular good that may be imported into a country during a given period of time |
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Term
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Definition
| a complete halt to trading with a particular nation or in a particular product |
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Term
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Definition
| a restriction on the amount of a particular foreign currency that can be purchased or sold |
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Term
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Definition
| the reduction of the value of a nation's currency relative to the currencies of other countries |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| an international organization of 153 nations dedicated to reducing or eliminating tariffs and other barriers to world trade |
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Term
| World Trade Organization (WTO) |
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Definition
| powerful successor to GATT that incorporates trade in goods, services, and ideas |
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Term
|
Definition
| an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies |
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Term
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Definition
| a contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation |
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Term
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Definition
| issued by a band on request of an importer stating that the bank will pay an amount of money to the stated beneficiary |
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Term
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Definition
| document issued by a transport carrier to an exporter to prove that merchandise has been shipped |
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Term
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Definition
| issued by the exporter's bank, ordering the importer's bank to pay for the merchandise, thus guaranteeing payment once accepted by the importer's bank |
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Term
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Definition
| a partnership formed to create competitive advantage on a worldwide basis |
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Term
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Definition
| provides a link between buyers and sellers in different countries |
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Term
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Definition
| an international barter transaction |
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Term
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Definition
| a firm that operates on a worldwide scale without ties to any specific nation or region |
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Term
| Export-Import Bank of the United States |
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Definition
| an independent agency of the U.S. govt. whose function is to assist in financing the exports of American firms |
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Term
| multilateral development bank (MDB) |
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Definition
| an internationally supported bank that provides loans to developing countries to help them grow |
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Term
| International Monetary Fund (IMF) |
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Definition
| an international bank with 186 member nations that makes short-term loans to developing countries experiencing balance-of-payment deficits |
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Term
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Definition
| a business that is owned (and usually operated) by one person |
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Term
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Definition
| a legal concept that holds a business owner personally responsible for all the debts of the business |
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Term
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Definition
| a voluntary association of two or more persons to act as co-owners of a business for profit |
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Term
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Definition
| a person who assumes full or shared responsibility for operating a business |
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Term
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Definition
| a person who contributes capital to a business but has no management responsibility or a liability for losses beyond the amount he or she invested in the partnership |
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Term
| master limited partnership (MLP) |
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Definition
| a business partnership that is owned and managed like a corporation but often taxed like a partnership |
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Term
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Definition
| an artificial person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts |
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Term
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Definition
| the shares of ownership of a corporation |
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Term
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Definition
| a person who owns a corporation's stock |
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Term
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Definition
| a corporation whose stock is owned by relatively few people and is not sold to the general public |
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Term
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Definition
| a corporation whose stock can be bought and sold by any individual |
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Term
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Definition
| a corporation in the state in which it is incorporated |
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Term
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Definition
| a corporation in any state in which it does business except the one in which it is incorporated |
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Term
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Definition
| a corporation chartered by a foreign govt. and conducting business in the United States |
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Term
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Definition
| stock owned by individuals or firms who may vote on corporate matters but whose claims on profits and assets are subordinate to the claims of others |
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Term
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Definition
| stock owned by individuals or firms who usually do not have voting rights but whose claims on dividends are paid before those of common stock owners |
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Term
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Definition
| a distribution of earnings to the stockholders of a corporation |
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Term
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Definition
| a legal form listing issues to be decided at a stockholders' meeting and enabling stockholders to transfer their voting rights to some other individual or individuals |
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Term
|
Definition
| the top governing body of a corporation, the members of which are elected by the stockholders |
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Term
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Definition
| the chairman of the board, president, executive vice presidents, corporate secretary, treasurer, and any other top executive appointed by the board of directors |
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Term
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Definition
| a feature of corporate ownership that limits each owner's financial liability to the amount of money that he or she has paid for the corporation's stock |
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Term
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Definition
| a corporation that is taxed as though it were a partnership |
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Term
| limited-liablity company (LLC) |
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Definition
| a form of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership |
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Term
| not-for-profit corporation |
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Definition
| a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit |
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Term
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Definition
| an association of individuals or firms whose purpose is to perform some business function for its members |
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Term
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Definition
| an agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time |
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Term
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Definition
| a temporary association of individuals or firms organized to perform a specific task that requires a large amount of capital |
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Term
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Definition
| the purchase of one corporation by another |
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Term
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Definition
| a situation in which the management and board of directors of a firm targeted for acquisition disapprove of the merger |
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Term
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Definition
| an offer to purchase the stock of a firm targeted for acquisition at a price just high enough to tempt stockholders to sell their shares |
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Term
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Definition
| a technique used to gather enough stockholder votes to control a targeted company |
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Term
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Definition
| merger between firms that make and sell similar product or services in similar markets |
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Term
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Definition
| merger between firms that operate at different but related levels in the production and marketing of a product |
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Term
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Definition
| between firms in completely different industries |
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Term
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Definition
| one that is independently owned an operated for profit and is not dominant in its field |
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Term
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Definition
| a carefully constructed guide for the person starting a business |
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Term
| Small Business Administration (SBA) |
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Definition
| a governmental agency that assists, counsels, and protects the interests of small businesses in the US |
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Term
| Service Corps of Retired Executives (SCORE) |
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Definition
| a group of business people who volunteer their services to small businesses through the SBA |
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Term
| small business institutes (SBIs) |
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Definition
| groups of senior and graduate students in business administration who provide management counseling to small businesses |
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Term
| small-business development centers (SBDCs) |
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Definition
| university-based groups that provide individual counseling and practical training to owners of small businesses |
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Term
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Definition
| money that is invested in small (and sometimes struggling) firms that have the potential to become very successful |
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Term
| small-business investment companies (SBICs) |
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Definition
| privately owned firms that provide venture capital to small enterprises that meet their investment standards |
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Term
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Definition
| a license to operate an individual an individually owned business as though it were part of a chain of outlets or stores |
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Term
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Definition
| the actual granting of a franchise |
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Term
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Definition
| an individual or organization granting a franchise |
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Term
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Definition
| a person or organization purchasing a franchise |
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Term
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Definition
| numerical or verbal descriptions that usually result from some sort of measurement |
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Term
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Definition
| data presented in a form that is useful for a specific purpose |
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Term
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Definition
| a single collection of data and information stored in one place that can be used by people throughout an organization to make decisions |
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Term
| knowledge management (KM) |
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Definition
| a firm's procedures for generating, using and sharing the data and information |
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Term
| management information system (MIS) |
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Definition
| a system that provides managers and employees with the information they need to perform their jobs as effectively as possible |
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Term
| information technology (IT) officer |
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Definition
| a manger at the executive level who is responsible for ensuring that a firm has the equipment necessary to provide the information the firm's employees and manager need to make effective decisions |
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Term
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Definition
| the transformation of data into a form that is useful for a specific purpose |
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Term
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Definition
| a measure that summarizes particular characteristic of an entire group of numbers |
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Term
| decision-support system (DSS) |
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Definition
| a type of computer program that provides relevant data and information to help a firm's employees make decision |
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Term
| executive information system (EIS) |
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Definition
| a computer-based system that facilitates and supports the decision-making needs of top managers and senior executives by providing easy access to both internal and external information |
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Term
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Definition
| a type of computer program that uses artificial intelligence to imitate a human's ability to think |
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Term
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Definition
| one of the latest types of software that facilitates the management of large projects among geographically dispersed employees as well as such group activities as problem solving and brainstorming |
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Term
| collaborative learning system |
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Definition
| a work environment that allows problem solving participation by all team members |
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Term
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Definition
| allows employees to work at any place where they have access to computers, software, and other technology that enables them to perform their normal work activities |
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Term
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Definition
| a process of storing data, information, and computer systems on secondary computer systems that can be accessed if a firm's main computer system fails |
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Term
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Definition
| a society in which large groups of employees generate or depend on information to perform their jobs |
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Term
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Definition
| a worldwide network of computers linked through telecommunications |
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Term
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Definition
| the internet's multimedia environment of audio, visual, and text data |
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Term
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Definition
| a general term referring to higher speed internet connections that deliver data, voice, and video material |
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Term
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Definition
| a smaller version of the internet for use within a firm's computer network |
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Term
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Definition
| a group of two or more computers linked together that allows users to share data and information |
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Term
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Definition
| a network that connects computers over a large geographic area, such as a city, state, or world |
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Term
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Definition
| a network that connects computers that are in close proximity to each other, such as an office building or a college campus |
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Term
| e-business (electronic business) |
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Definition
| the organized effort of individual to produce and sell, for a profit, the products and services that satisfy society's needs through the facilities available on the internet |
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Term
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Definition
| the process of finding outside vendors and suppliers that provide professional help, parts, or materials at a lower cost |
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Term
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Definition
| a source of revenue flowing into a firm |
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Term
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Definition
| represents a group of common characteristics and methods of doing business to generate sales revenues and reduce expenses |
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Term
| business-to-business (B2B) |
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Definition
| businesses that conduct business with other businesses |
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Term
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Definition
| business that conducts business to individual consumers |
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Term
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Definition
| website that functions like an online community |
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Term
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Definition
| sending massive amounts of unsolicited e-mails |
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Term
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Definition
| small piece of software that tracks internet use |
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Term
|
Definition
| files that store a record of the websites visited |
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Term
|
Definition
| the practice of searching through data records |
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Term
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Definition
| software code designed to disrupt normal functions |
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Term
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Definition
| type of computer usage in which services stored on the internet are provided to users on a temporary basis |
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Term
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Definition
| used to describe all of the firm's activities to support a healthy enviroment |
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