mgt vocab
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Created by:
mbooth1119 on September 14, 2011
Description:
management chapter 1-3
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22 terms
Terms | Definitions |
|---|---|
 value | the relationship between the price of a good or service and the benefits that it offers its customers |
| business | Any activity that provides goods and services in an effort to earn a profit |
| profit | the money a business earns in sales minus expenses |
| loss | when a business has greater expenses than profit |
| entrepreneurs | people who risk their time, money and other resources to start and manage a business |
| standard of living | the quality and quanity of goods and services available to a population |
| quality of life | the overall sense of wellbeing experienced by either an individual or a group |
| nonprofits | business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain |
| factors of production | land, labor, capital, entrepreneurship |
| business environment | The setting in which business operates. The five key components are economic environment, competitive environment, technological environment, social environment, and global environment. |
| speed-to-market | the rate at which a new product moves from conception to commercialization |
| business technology | any tools-especially computers,telecommunications, and other digital products-that businesses can use to become more efficient and effective |
| World Wide Web | The service that allows computer users to easily access and share information on the Internet in the form of text, graphics, video, and animation |
| e-commerce | a business transaction that occurs over an electronic network such as Internet |
| demographics | the measurable characteristics of a population |
| free trade | an international economic and political movement designed to help goods and services flow more freely across international boundaries |
| GATT | An international trade agreement |
| economy | a financial and social system of how resources flow through society from production to consumption |
| economics | The study of the choices people make to attain their goals, given their scarce resources |
| macroeconomics | the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth |
| microeconomics | the study of the economic behavior and decision making of small units, such as individuals, families, and businesses |
| fiscal policy | a government policy for dealing with the budget (especially with taxation and borrowing) |
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