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| The total amount of money a business takes in during a given period by selling goods and services |
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| The amount of money a business earns above and beyond what it spends for salaries and other expenses |
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| All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to addresss |
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| Contracting with other companies (often in other countries ) to do some or all of the functions of a firm, like its production or accounting tasks |
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| The amount of output you generate given the amount of input ( e.g., hours worked) |
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| Giving frontline workers the responsibility, authority, freedom, training and equipment they need to respond quickly to customer requests |
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| An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit. |
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| the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time. |
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| the quantity of products that people are willing to buy at different prices at a specific time |
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| A degree of competition in which only one seller controls the total supply of a product or services, and sets the price. |
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| An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people |
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| An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production |
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| Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow. ( Socialism and Communism ) |
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| A general rise in the prices of goods and services over time. |
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| The movement of goods and services among nations without political or economic barriers. |
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| COMPARATIVE ADVANTAGE THEORY |
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| Theory that states that a country should sell to other countries those products that it produces most effectively and efficiently, and buy from other countries those products that it cannot produce as effectively and efficiently. |
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| The advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently that all other countries. |
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| The total value of a nation's exports compared to its imports measured over a particular period. |
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| An unfavorable balance of trade; occurs when the value of country's imports exceeds that of its exports. |
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| The difference between money coming into a country ( from exports) and money leaving the country (for imports) plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment. |
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| A global strategy in which a firm (the licensor) allows a foreign company (the licensee) to produce its product in exchange for a fee (a royalty). |
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| A partnership in which two or more companies (often from different countries) join to undertake a major project. |
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| Standards of moral behavior, that is, behavior accepted by society as right versus wrong |
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| Insiders who report illegal or unethical behavior. |
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| An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends. |
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| A business that is owned, and usually managed, by one person. |
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| A legal form of business with two or more owners. |
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| A legal entity with authority to act and have liability apart from its owners. |
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| A partnership in which all owners share in operating the business and in assuming liability for the business's debts. |
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| A partnership with one or more general partners and one or more limited partners. |
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| An owner ( partner) who has unlimited liability and is active in managing the firm. |
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| An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment. |
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| A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships. |
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| The joining of two companies involved in different stage of related businesses |
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| The joining of two firms in the same industry. |
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| The right to use a specific business's name and sell its products or services in a given territory. |
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| A business owned and controlled by the people who use it – producers, consumers, or workers with similar needs who pool their resources for mutual gain. |
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| Accepting the risk of starting and running a business |
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| A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size (set by the Small Business Administration) terms of employees or annual receipts. |
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| A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition and the resources and qualifications of the owner(s). |
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| Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses. |
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| The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources. |
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| A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives. |
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| An encompassing explanation of why the organization exists and where it's trying to head |
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| An outline of the fundamental purposes of an organization |
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| A planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats. |
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| The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals. |
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| The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done. |
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| The process of setting work standards and schedules necessary to implement the company's tactical objectives. |
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| The process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives. |
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| Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas. |
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| A system in which one person is at the top of the organization and there is a ranked or sequential ordering from the top down of managers who are responsible to that person. |
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| The line of authority that moves from the top of a hierarchy to the lowest level. |
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| An organization with many layers of managers who set rules and regulations and oversee all decisions. |
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| The optimal number of subordinates a manager supervises or should supervise |
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| The dividing of organizational functions into separate units |
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| An organization in which specialists from different parts of the organization are brought together to work on specific projects but still remain part of a line-and-staff structure. |
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| Using communications technology and other means to link organizations and allow them to work together on common objectives. |
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| Comparing an organization's practices, processes, and products against the world's best. |
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| Those functions that the organization can do as well as or better than any other organization in the world. |
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