DECA Business Administration Core Exam Graded A+

Franchise - ANSWER-a contractual agreement between a parent company and a franchisee to distribute goods and services Corporation - ANSWER-a form of business ownership that is owned by stockholders who have purchased units or shares of the company Elastic Demand - ANSWER-demand that changes according to changes in price Inelastic Demand - ANSWER-demand that is not affected by changes in price. Unitary Demand - ANSWER-when sales remain the same because changes in supply and demand are equal Tort - ANSWER-a private wrongdoing that potentially harms another person or entity Doctrine of Sovereign Immunity - ANSWER-the universally accepted principle that each nation has the right to manage its own government and develop its own laws. Job Enlargement - ANSWER-combining different tasks into one position Job Rotation - ANSWER-moving from one job to another job within an organization Specialization by Trade - ANSWER-the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting. Frictional Unemployment - ANSWER-occurs because there are always workers who are in transition Structural Unemployment - ANSWER-when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills Cyclical Employment - ANSWER-result of changes in the economic and business cycles Wage Garnishments - ANSWER-court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization Embezzlement - ANSWER-theft of valuables that have been entrusted to another's care