DECA Business Administration Core Exam 2024

Franchise - a contractual agreement between a parent company and a franchisee to distribute goods and services Corporation - a form of business ownership that is owned by stockholders who have purchased units or shares of the company Elastic Demand - demand that changes according to changes in price Inelastic Demand - demand that is not affected by changes in price. Unitary Demand - when sales remain the same because changes in supply and demand are equal Tort - a private wrongdoing that potentially harms another person or entity Doctrine of Sovereign Immunity - the universally accepted principle that each nation has the right to manage its own government and develop its own laws. Job Enlargement - combining different tasks into one position Job Rotation - moving from one job to another job within an organization Specialization by Trade - the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting. Frictional Unemployment - occurs because there are always workers who are in transition Structural Unemployment - when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills Cyclical Employment - result of changes in the economic and business cycles Wage Garnishments - court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization Embezzlement - theft of valuables that have been entrusted to another's care Securities Fraud - the use of misleading sales tactics to persuade investors to purchase securities Espionage - revealing confidential information without the source or owner's permission and is often associated with spying Variety-seeking Buying Behavior - involves the purchase of routine items Brand-insistence Buying Behavior - buyer will not buy anything other than a specific brand or product Automation - involves the use of machines to carry out production tasks Ergonomics - the study of the use of equipment or technology and its effects on workers' physical well-being Innovation - taking action to make the idea, item, or process available for consumers to use Business-format Franchise - involves a close,continuous, working relationship between the franchisor and the franchisee Customer Complaints - related to the business's policies and procedures Consumer Products - economic goods and services that are purchased and used by the ultimate consumer Capital Products - purchased by businesses for use in their operations Communist Command Economy - capital for business investment is provided by the government, which obtains it by taking the profits of businesses it owns and by levying taxes Traditional Economy - people produce only what they must have in order to exist Market Economy (Free Enterprise) - means of production and distribution are owned and controlled by individuals and businesses Operating Expenses - costs of running the business Gross Domestic Product - final market value of the total output of all goods and services produced within a country's geographic boundaries during a year's time Federal Reserve Banks - used by local banks to protect their banking functions; do not provide protection for local property Tact - the ability to express your ideas and opinions so that they do not hurt or offend others