DECA Business Administration Core Exam

DECA Business Administration Core Exam 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