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supply and demand
an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
Function of Prices
Prices provide a standard of measure of value throughout the world. - Prices act as a signal that tells producers and consumers how to adjust.
economic resources
the means through which goods and services are produced
human resources, such as labor and management, and nonhuman resources, such as land, capital goods, financial resources, and technology
factors that affect a business profit
Employees
Overhead Cost
Competition
Market Trends
overhead cost
The costs not directly related to the production or selling of goods.
market trends
Shifting preferences in the market. Trends reflect changing opinions, habits, and ideas that can affect what types of products and services customers will buy.
Effective Verbal Communication
- requires appropriate intonation, clear and concise phrasing, proper pacing of statements, and proper timing and relevance of a message
-key to maintaining successful business relationships.
-Effective communication causes productivity to increase, errors to decrease and operations to run smoother.
nonverbal cues
Communication without words using techniques such as eye contact, body language, gestures, and physical closeness.
eye contact, gestures, physical proximity, or touching that a teacher uses to communicate without interrupting verbal discourse
communication style
the ways in which someone interacts with and delivers information to others when communicating
Active listening skills
A set of behaviors that focuses the attention on the speaker and lets the speaker know that you are listening and understanding what he or she is saying.
positive customer relations
believing that your customers: deserve the very best, are your employers, deserve your focused attention, have the right to expect things of me, and have important problems and complaints.
-increases competitiveness
-creating loyal customers
-increasing profit
reinforcing the company's image through employee performance
Employee performance can reinforce a company's image through suggestion selling, order processing and fulfillment, and effective selling skills. Suggestion selling is useful for making the customer happier with his/her original purchase. Sales employees can improve customer satisfaction by the speed and care in which they handle orders. This applies, as well, to handling returns and refunds.

Selling skills, such as an appropriate, pleasant greeting and a reassuring departure are useful tools in maintaining a good image. Offer helpful comments during and after a sale and always thank the customer in order to build a good relationship. Follow up on all promises made to a customer, and check on their level of satisfaction after a purchase.
Positive customer-client relations require compassionate and immediate action when dealing with complaints and inquiries.
customer service mindset
The belief that the customer is the most important priority of the business.
a business owned by two or more persons who have unlimited liability is called a
general partnership.
employee handbook
provide information about the company's general policies and procedures, such as overtime and vacation policies, pay schedules, dress codes, behavioral expectations, and tuition reimbursement.
Go in order
Good directions are listed in sequential order, or the order in which they need to occur. There is generally a good reason for the order, so follow it. If you skip around you may miss one of the direction, which could result in quite a mess.
verbal communication
expressing ideas to others by using spoken words
Empathy
Identification with and understanding of another's situation, feelings, and motives
Businesspeople are more likely to accept a new idea if the idea will
improve a situation
what should you do if you phone an important customer and the customer indicates that you have called at a bad time?
Offer to schedule a second call.
To contribute to a discussion in a useful way, you should avoid
Blurting out statements
blurting out statements without thinking to continue to a discussion in a useful way, you should think about what you want to say before speaking. make sure that you state accurate information facts and that you don't say something in a way that is offensive to others.
What is a key to effective note-taking?
active listening
pie charts
used when comparing parts of a whole
bar graphs
Used to show changes over time or to compare figures between different groups
line graphs
used to show changes over time
area graphs
very similar to line graphs, but used to compare key data between two or more groups. this example shows two groups, but up to four groups is common.
written communication is not effective when readers must
work to understand what the communication means. effective written communication presents information in a clear, easy-to-read style so that readers do not have to try to figure out what the communication is all about.
Readers should be able to grasp the communications message in a minimum amount of reading time.
signiture
text appearing at the bottom of an email that indicates a person's or business's identity and contact information is known as the email signature.
a business letter that has easy-to-understand information is said to possess
clarity.
Communication that is expressed clearly is describes as having clarity. Caution is carefully stating a point in order to avoid conflict or misunderstanding. Courtesy involves the use of tact and consideration while consensus is group opinion.
Letters of inquiry the businesses write to other businesses are routine business communication and usually contain only
basic information.
Businesses often write letters of inquiry to other businesses businesses to request information and literature or to order goods or services. These types of letters are routine and should contain only the information the receiver needs in order to respond. It is not necessary to provide complex instructions or technical explanations when writing routine letters
interrupting the speaker
it is rude to interrupt another person while s/he is speaking
using a pleasant tone of voice with customers is especially important when
delivering bad news
using a pleasant tone of voice with customers is especially important when delivering bad news It can keep the entire situation calm.
Employees' explaining the proper way to use a particular product to a customer who is interested in
buying the item is an example of handling a customer
inquiry.
customers often have questions about the proper use of certain products. Salespeople should possess adequate product knowledge in order to handle customers' inquiries.
what are business people who fail to adapt their communication styles to appeal to their international clients likely to do
offend the clients.
Business people should try to learn as much as they can about the client's culture, customs, and social values.
what type of business policy is most likely to attract customers to the business
product.
the product policy determines which products the business will offer.
service complaint
A complaint which results from poor service
ex. late delivery
product complaint
a complaint which results from a defective item or incorrect size.
easiest way to learn you company's brand promise is
to ask your manager or supervisor. S/He should know, if s/he doesn't, perhaps you can figure it out together. an educated guess, the website, and coworkers aren't as reliable as your manager should be.
economic services
must be useful, scarce, and transferable, intangible. they are intangible activities performed by other people for a certain amount of money
economic goods
must be useful, scarce, and transferable, physical
capital goods
buildings, roads, and equipment.
manufactured or constructed items are used to produce goods and services and are provided by people.
supply
the quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time.
demand
the quantity of a good or service that consumers are willing and able to buy
as prices go down, the quantity that producers are willing to supply generally
decreases.
this eliminates excess supply
limited line
businesses that carry a considerable assortment of goods but in only one or a few related product lines
uninsurable risk
risks that insurance companies cannot or will not cover
ex. obsolescence of products, shifts in consumer demand, and changes in laws, changes in customer buying habits.
in a private enterprise economic system, who normally decides what goods will be produce and what prices will be charged for them
businesses and consumers.
in a private enterprise economy all of the buyers and sellers play an important role in controlling the economy.
federal trade commissioon
a government regulatory agency that administers and enforces antitrust laws to prevent price fixing and unfair competitive practices, and to regulate false or deceptive advertising.
emotional intelligence
the ability to recognize and manage emotions in yourself and others. it helps you manage your emotions.
low self-esteem results in
doubts about yourself.
assessing your personal strengths and weaknesses in an objective way involves
looking for behavior patterns that occur regularly over time.
trait
a personal characteristic expressed by a consistent pattern of behavior.
Altering personal behavior in order to show enthusiasm requires discipline and
practice.
changing personal behavior requires and individual to have enough self-discipline to practice the new, improved behavior until it become routine.
When their regular duties have been completed, employees with initiative look for
additional work.
Businesses prefer to hire honest workers because they will
not steal from the business.
Feeling empathy toward indecisive customers will help you to
be patient while customers decide.
When having a business conversation with a person who has some difficulty understanding English, it is
important to
speak slower than you normally would.
what is a barrier to assertive behavior for some people
fear of damaging their relationships.
in effective work teams, every team member takes on a _________ role.
leadership
what is a reason why someone might have trouble adapting to new circumstnaces
contentment
regularly reviewing and revising goals
as circumstances change, so will goals.
Most change failures occur because there is a lack of
communication.
being a good listener means that you are
aware of your surroundings at all times.
What is one of a coach's most important tasks?
giving feedback
which of the following is a benefit to the business of effective human relations
increased productivity.
bank notes
currency.
currency is the paper or metal (coin) money that individuals and businesses use to buy ad sell goods and services. Paper money and coins are issued by a country's government.
corporate bonds
bonds issued by corporations to fun operating expenses.
mutual funds
collection of shareholders' money that is invested by professional fun managers in an assortment of different securities, such as stocks and bonds.
bond
a piece of paper (real or virtual) that says the governing body or corporation will borrow your money at a particular interest rate for a particular period of time.
municipal bonds
Issued by local governments
truth in lending act
requires businesses to provide credit customers with all the information that applies to their accounts and send customers regular updated statements showing the status of their accounts.
variable expenses
a budget is an estimation of income and expenses. developing a personal budget helps individuals better manage their money. Variable expenses are expenses that change from month to month, such as food, clothing, and entertainment expenses.
fixed expenses
Expenses that do not change from month to month, such as auto insurance or rent.
income tax
Tax paid to the state, federal, and local governments based on income earned over the past year.
insurance policy
an important type of financial record that individuals should maintain in order to manage their finances.
what is an advantage of investing in bonds
they are very low risk
how do businesses transfer risk?
obtain insurance.
one way to reduce the possibility of loss is by transferring the risk, which is done by obtaining insurance.
insurance is a contractual agreement in which one company will pay for specified losses incurred by the other company in return for installment payments.
balance sheet
a type of financial statement that accountants prepare for a business using the financial information they gather, record, and organize.
accounting
the process of keeping the financial records of a business.
Return on Captial
measure of how well a business generates cash flow.
Screening
a human resource function that involves "weeding out" applicants that do not meet minimum requirements for the job or have not satisfactorily completed the application.
to succeed in bushiness, managers must base their decisions on
needs and desires of consumers.
intranet
an internal network similar to the internet that is accessible only by authorized personnel.
database
because of advances in technology, records that used to take up row upon row of filing cabinets can now be kept on computers for quick and easy access, organization, and editing. these databases are great advantages for businesses.
transaction processing system
a computerized information system that processes daily, routine business transactions at the operational level of companies.
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