Business management study guide

Business management study guide Questions and Answers ( 100% pass) Manufacturing Firms - ANS- produces goods. Service Firms - ANS- provide assictance to satisfy a need Global Competition - ANS- The ability to make a profit while competing with other countries Industry - ANS- Refers to business inside of a catergory Comercial Business - ANS- Engaged in all aspects of a business Industrial Business - ANS- Prouces goods used by other businesses Effectiveness - ANS- Making the correct decisions on what to produce, how to produce them, and how to deliver them to the customers Efficiency - ANS- Occurance when an organization produces goods or services quickly at low cost Domestic Goods - ANS- Item produced in the USA Foreign Goods - ANS- Items produced outside of the USA Entrepreneurs - ANS- People who run and start their own business Small business - ANS- Operated by only a few people, most of it is family owned and operated Franchises - ANS- A legal agreement in which a person buys the rights to sell a company's product or service and use their trademark Intrapreneur - ANS- An employee who is given the finds and freedom to create a special unit or department within a company to develop a new product, process, or service. Labor Force - ANS- Includes anyone over the age of 16 who are available for work, this includes both employed and unemployed people. Equality - ANS- The basic principle on which the U.S was founded. All though this is supposed to be true as well in the business world, many women and minorities find themselves hitting the glass ceiling. Comparable Worth - ANS- Paying equal salaries for jobs while similar, but not identical job reqiurements Glass ceiling - ANS- An invisible barrier to job advancement Ethics - ANS- Standard of moral conduct that people should set for themselves defining the difference between right and wrong Business Ethics - ANS- A collection of principles and rules that define right and wrong that are designed by an organization Code of Ethics - ANS- A formal published collection of values and rules that reflect the firm's policies. This sets a standard for the employees and generally boast their moral. Social Responsibilities - ANS- The duties of a business to contribute to the well being of others Baby Boom - ANS- Refers to the high birth rate period from Generation X - ANS- Workers from the post-baby-boom generation Net Generation - ANS- People who were born between 1977 and 1997 Economics - ANS- The body of knowledge that relates to producing and using goods and services that satisfy human wants Economic wants - ANS- The desire for scarce material goods and services Non-Economic wants - ANS- Desires for non-material items Fifth Factor - ANS- The government providing many services that are essential to operating a business Consumer goods & services - ANS- Goods and services that are directly satisfied the needs of the people Economic Systems - ANS- An organized way of all countries to decide how to use its productive resources. Market economy - ANS- People dictate what is being said and made Command economy - ANS- Government owns the factories and manufacturers; they decide what will be made and how much of an item will be made Mixed economy - ANS- Has both aspects of market and command economy Consumer Price Index- CPI - ANS- A measure of the average change in prices of consumer goods and services typically purchased by people living in urban areas Competition - ANS- Rivalry among sellers for consumers' dollars Depression - ANS- A long and severe drop in the GDP Inflation - ANS- A raped rise in prices caused by an inadequate supply of goods and serices Recession - ANS- A decline in the GDP that continues for six months or more