Business in Action Quiz 1

71 terms by Twizzlers214 

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Team

A unit of two or more people who shar a mission and collective responsibility as they work together to achieve a common goal

Social Loafing

Shirking individual responsibility with the team - "Free Riding"

Business

Any system of organized human activity that strives for profits by providing goods and services that meet customer wants and demands.

Successful Business

Any system that excels over a long period of time, producing above average returns for its investors

Not-For-Profit

An organized human activity that, unlike business, does not strive for profits, but rather provides a social service customers want and demand

Capital-Intensive Business

Businesses that require large amounts of money, equipment, land, and other resources to get started and to operate and generally produce goods.

Labor Intensive Business

Businesses that rely more on human resources than buildings, machinery, and equipment to prosper and generally produces services.

Natural Resources

Things that are useful in their natural state, such as land, forest, minerals, and water.

Capital Resources

Resources such as money, computers, machines, tools and buildings that a business needs in order to produces goods and services.

Human Resources

People in business- anyone from company presidents to grocery clerks who work to produce goods and services

Knowledge Resources

The collective intelligence of an organization learned over time

Knowledge Workers

Employees whose primary contributions to their companies involves the acquisition, analysis ,and application of information

Entrepreneurship

The Spirit of innovation, the initiative, and the willingness to take the risks involved in creating and operating new businesses.

Vision

Broad statement of strategic intent of what the business would like to achieve, how they will achieve it and where they will act

Mission

A statement of what goals the business plans to achieve in a set period of time, usually one to five years.

Revenues

The amount customers pay and companies recieve for good and services customers purchase

Expenses

The monies a business must pay out in order to make its products and provide its services

Fixed Costs

Costs a business must pay and do not change no matter how much is produces. (rent, leases, salaries, utilities)

Variable Costs

Costs that depend on the volume of goods produced (raw materials, production wages)

Investor Returns

What any investor receives over time for the success of a for-profit business venture

Effectiveness

Achieving a desired, pre-determnined goal or Objective. "Doing the right things and getting them done)

Productivity

The proper ratio of goods and services provided to the resources used

Efficiency

Making the best use of all resources - financial, human, informational and natural

Sustainability

Using society;s resources responsibly for the long term

Environmental Sustainability

Using the resources needed to prosper in a way that future generations will have the resources they need to prosper as well

Market Sustainability

Developing business practices that lower business costs and offer new opportunities for revenues in the long term.

Customer Service

All efforts taken to satisfy customers and to help them realize the greatest possible value from products or services they are purchasing.

Competitive Strategies

A thoughtful, well conceived set of plans that establish actions and the resource allocation required to accomplish strategic goas for a set period - 2 to 5 years, using quality as the foundation for all business activities.

Competitive Advantage

The ability to perform a bundle of activities that competitors cannot match.

Creativity

Developing new and different patterns of thinking and behaving.

Innovation

New approaches and options that are the result of creative actions

Learning Business Systems

A firms constant search for and implementation of new and better business methodologies based on internally initiated or externally developed "best practices"

Macroscanning

A contnual assessment of exogenous factors that are affecthing the way a business operated and looking for trends that will impact the business of the future.

Social Trends

Changes in the way people view their work, relationships, lifestyle, environment; beliefs they hold, attitude they have, and how they respond to these changes.

Heterogeneous Society

A society composed of many dissimilar people with a avaried mix of backgrounds, values, needs and interests.

Stereotyping

Placing people in broad social groups, then generalizing about and labeling them because they are part of a given group

Glass Ceiling

Systematic barriers that prevent women from advancing in the organization

Work/Family Conflict

The sense that work and family demands interfere with eachother

Telecommuting

Situation where workers spend part of each week working at home and communication with the office via computer.

Flextime

Work arrangement that allows employees to adjust work hours, often to meet other responsibilities.

Job Sharing

Work arrangement in which two employees share one job and split all the duties, responsibilities, and compensation of that job.

Baby Boomers

People born between '46 and '64, comprising 3 out of every 10 people in the US today

Generation X

Born between '65 and '78 -- Children of Baby boomers

Echo Boomers/Generation Y

Born between 79 and 94 -- 60 million

Diversity Audit

A snapshot of how good a job a business is doing in the area of diversity management.

Economics

The study of how a society uses scarce resources to produce and distribute goods and services.

Economic Systems

How a society organizes itself to distribute its resources to satisfy its people's needs.

Economic Resources

The natural, human, capital and knowledge resources necessary for any economic system to function.

Free Market System

An economic system in which decisions about what to produces and in what quantities are decided by the markets buys and sellers.

Planned economic System

One in which the government controls most of the factors of production and regulates their allocations

Monopoly

A market where one company dominates due to a lack of competitors.

Oligopoly

A market dominated by one a few producers.

Pure Competition

Where there are so many buyers and sellers that no single buyer or seller can individually influence market prices.

Monopolistic Competition

A market where all competitors differentiate their products in some small way.

Microeconomics

The study of economic behavior among individual consumers and producers who collectively determine the quantity of goods and services demanded and supplied at different prices.

Markets

Places where buyers and sellers meet and bargain over goods, services and things they value

Demand Curve

A line on a graph that shows how much a good or service buyers will purchase at each possible price.

Supply Curve

A line on a graph where the demand curve intersects the supply curve.

Equilibrium Point

A point on a graph where the demand curve intersects the supply curve

Price Elasticity of Demand

The percentage change in the quantity of a product or service demanded, divided by the percentage change in its price.

Elastic Demand Curve

The percentage change in the quantity demanded exceeds the percentage change in the price, total revenue increases as price falls

Inelastic Demand Curve

The percentage change in the quantity demanded is below the percentage change in the price, total revenue falls as price falls.

Macroeconomics

The study of a country's larger economic issues- how firms compete, the effect of government policies, and how an economy maintains and allocates its scarce resources

Economic Growth

An increase in total spending in the economy.

Fiscal Policy

Raising or lowering taxes or government spending in order to influence growth, unemployment, and inflation.

Monetary Policy

Changing the money supply to change interest rates directly, thus influencing inflation, growth, and unemployment.

Business Cycle

A somewhat regular pattern of ups and downs in aggregate production, as measured by the fluctuations in real GDP.

Deflation

A general decrease in prices or an increase in the prices of most goods and servies

Inflation

A general increase in prices or an increase in the prices of most goods and services

Deflation

A condition in which prices fall throughout the economy

Unemployment Rate

The ratio of the number of people classified as unemployed to the total labor force.

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