56 terms

Unit 4 Vocab

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Financing
provide funding for (a person or enterprise).
Cost
benefit analysis- systematic approach to estimate the strengths and weaknesses of alternatives
Revenues
income, especially when of a company or organization and of a substantial nature.
Profits
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Debt financing
a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors.
Short
term financing- A loan scheduled to be repaid in less than a year.
Intermediate
term financing- are funds borrowed by a business for 1 to 10 years.
Long term financing
are funds borrowed by a business for a period of more than 10 years or funds raised by issuing stock.
Production
the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
Consumer goods
goods bought and used by consumers, rather than by manufacturers for producing other goods.
Mechanization
is the process of changing from working largely or exclusively by hand or with animals to doing that work with machinery.
Assembly line
a series of workers and machines in a factory by which a succession of identical items is progressively assembled.
Division of labor
the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
Automation
the use of largely automatic equipment in a system of manufacturing or other production process.
Robotics
sophisticated computer-controlled machinery that operated an assembly line.
Marketing
study and management of exchange relationships.
Consumer sovereignty
the situation in an economy where the desires and needs of consumers control the output of producers.
Utility
the state of being useful, profitable, or beneficial.
Market research
the action or activity of gathering information about consumers' needs and preferences.
Market survey
any organized effort to gather information about target markets or customers.
Test marketing
offering a product for sale in a small area for a limited period of time to see how well it sells before offering it nationally.
Penetration pricing
strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth.
Price leadership
a leading firm in its sector determines the price of goods or services.
Promotion
activity that supports or provides active encouragement for the furtherance of a cause, venture, or aim.
Direct
mail advertising- is a type of promotion using a mailer that usually includes a letter describing the product or service and an order blank application form.
Product life cycle
an important concept in marketing.
Channels of distribution
chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer.
Wholesalers
businesses that purchase large quantities of goods from producers from resale to other businesses.
Retailers
a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
E
commerce- commercial transactions conducted electronically on the Internet.
Civilian labor force
sum of civilian employment and civilian unemployment.
Blue
collar workers- a working class person who performs non-agricultural manual labour.
White
collar workers- a person who performs professional, managerial, or administrative work.
Service workers
people who provide services directly to individuals.
Unskilled workers
those who need a lot of training.
semi skilled workers
those who require some training.
Skilled worker
workers who have all the training they need.
Professionals
(of a person) engaged in a specified activity as one's main paid occupation rather than as a pastime.
Minimum wage law
the lowest wage permitted by law or by a special agreement (such as one with a labor union).
Labor unions
an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
Strikes
hit forcibly and deliberately with one's hand or a weapon or other implement.
Craft unions
a labor union of people of the same skilled craft.
Industrial union
made up of all the workers in an industry regardless of job or skill level.
Local union
consists of the members of a union in a particular factory, company, or geographic area.
Closed shop
a place of work where membership in a union is a condition for being hired and for continued employment.
Union shop
a place of work where employers may hire nonunion workers who must join a labor union within an agreed time.
Agency shop
employees are not required to join the union, but they must pay union dues.
Right
to-work laws- relating to or promoting a worker's right not to be required to join a labor union.
Collective bargaining
negotiation of wages and other conditions of employment by an organized body of employees.
Cost
of-living adjustment (COLA)- the level of prices relating to a range of everyday items.
Meditation
the action or practice of meditating.
Arbitration
the use of an arbitrator to settle a dispute.
Picketing
act as a picket outside (a place of work or other venue).
Boycott
withdraw from commercial or social relations with (a country, organization, or person) as a punishment or protest.
Lockout
the exclusion of employees by their employer from their place of work until certain terms are agreed to.
Injunction
an authoritative warning or order.
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