Business Principles & Management Ch. 1
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Created by:
BradSchwarzkopf on January 26, 2012
Description:
Franklin High School
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15 terms
Terms | Definitions |
|---|---|
 Empowerment | the process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization |
| Downsize | cutting back on the goods and services provided and thereby shrinking the size of a firm and the number of employees |
| Entrepreneur | someone who organizes a business venture and assumes the risk for it |
| Intrapreneur | A manager, scientist, or researcher who works inside an organization and notices opportunities to develop new or improved products and better ways to make them. |
| Productivity | (economics) the ratio of the quantity and quality of units produced to the labor per unit of time |
| Output | production of a certain amount |
| Total Quality Management | a philosophy that involves everyone in an organization in a continual effort to improve quality and achieve customer satisfaction |
| Domestic Goods | products made by firms in the United States |
| Foreign Goods | products made by firms in other countries |
| Franchise Agreement | an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory |
| Franchise | a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area |
| Franchisor | the originator of a trade name, product, methods of operation, and so on that grants operating rights to another party to sell its product |
| Mass Production | the production of large quantities of a standardized article (often using assembly line techniques) |
| Risk | the chance an entrepreneur takes of losing time and money on a business that may not prove profitable |
| Employee Stock Option Plan | organizationwide incentive programs in which employees receive shares in company stock thereby becoming owners or part owners of company; shares are deposited into employees accounts and dividends from the stock are added to the accounts |
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