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71 terms

Business in Action Quiz 1

STUDY
PLAY
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.