A unit of two or more people who shar a mission and collective responsibility as they work together to achieve a common goal
Any system of organized human activity that strives for profits by providing goods and services that meet customer wants and demands.
Any system that excels over a long period of time, producing above average returns for its investors
An organized human activity that, unlike business, does not strive for profits, but rather provides a social service customers want and demand
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.
Things that are useful in their natural state, such as land, forest, minerals, and water.
Resources such as money, computers, machines, tools and buildings that a business needs in order to produces goods and services.
People in business- anyone from company presidents to grocery clerks who work to produce goods and services
Employees whose primary contributions to their companies involves the acquisition, analysis ,and application of information
The Spirit of innovation, the initiative, and the willingness to take the risks involved in creating and operating new businesses.
Broad statement of strategic intent of what the business would like to achieve, how they will achieve it and where they will act
A statement of what goals the business plans to achieve in a set period of time, usually one to five years.
Costs a business must pay and do not change no matter how much is produces. (rent, leases, salaries, utilities)
What any investor receives over time for the success of a for-profit business venture
Achieving a desired, pre-determnined goal or Objective. "Doing the right things and getting them done)
Using the resources needed to prosper in a way that future generations will have the resources they need to prosper as well
Developing business practices that lower business costs and offer new opportunities for revenues in the long term.
All efforts taken to satisfy customers and to help them realize the greatest possible value from products or services they are purchasing.
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.
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"
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.
Changes in the way people view their work, relationships, lifestyle, environment; beliefs they hold, attitude they have, and how they respond to these changes.
A society composed of many dissimilar people with a avaried mix of backgrounds, values, needs and interests.
Placing people in broad social groups, then generalizing about and labeling them because they are part of a given group
Situation where workers spend part of each week working at home and communication with the office via computer.
Work arrangement that allows employees to adjust work hours, often to meet other responsibilities.
Work arrangement in which two employees share one job and split all the duties, responsibilities, and compensation of that job.
A snapshot of how good a job a business is doing in the area of diversity management.
The study of how a society uses scarce resources to produce and distribute goods and services.
How a society organizes itself to distribute its resources to satisfy its people's needs.
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
Where there are so many buyers and sellers that no single buyer or seller can individually influence market prices.
A market where all competitors differentiate their products in some small way.
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.
A line on a graph that shows how much a good or service buyers will purchase at each possible price.
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.
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
Raising or lowering taxes or government spending in order to influence growth, unemployment, and inflation.
Changing the money supply to change interest rates directly, thus influencing inflation, growth, and unemployment.
A somewhat regular pattern of ups and downs in aggregate production, as measured by the fluctuations in real GDP.