Teams and Foundations
A group of people with complementary skills who work together and achieve a specific goal.
What is a team?
The study of the production, distribution and consumption of goods and services.
What is economics?
This business is owned by only one person and accounts for 72% of all US Businesses.
What is sole proprietorship?
Situations in which it is difficult for an individual to make decisions either because the right course of action is unclear or carries some potential negative consequences for the person or people involved. One must choose between two or more acceptable but often opposing alternatives that are important to different groups.
What is an ethical dilemma?
The sequence of activities that will entail the greatest amount of time.
Those with a legitimate interest in the success or failure of the business and the policies it adopts.
What are stakeholders?
A Nation has this IF (1) it's the only source of a particular product or (2) it can make more of a product using fewer resources than other countries.
What is absolute advantage?
A social science that is the study of how people turn an idea into reality to create a new social agreement or institution.
What is entrepreurship?
This manager tends to make decisions without input from and expects subordinates to follow instructions.
What is an autocratic manager?
This lists the qualifications (knowledge, skills and abilities) needed to perform a job.
What is a job specification?
A useful tool for analyzing the external environment in whihc an industry or company operates.
What is PESTEL Analysis?
Economic systems can only be divided into these two systems.
What are planned systems and free market systems?
This occurs when a company is purchased even though the company's management and Board of Directors do not want to be acquired.
What is a hostile takeover?
When an individual must choose between taking actions that promote their personal interests over the interests of others or taking actions that don't.
What is a conflict of interest?
An easy to use graphical tool that helps operations managers determine the status of projects.
What is a GANTT Chart?
Designed to take advantage of the special expertise of members drawn from different functional areas of the company.
What is a cross functional team?
Products that a country must forego making in order to produce something else
What are opportunity costs?
This occurs when there is not clarity for the entrepreneur around what is important or even what might happen.
What is ambiguity?
Fundamental beliefs about what's important and what is and isn't appropriate in conducting company activities. These should guide the behavior of every individual in the organization.
What are core values?
Identifying and addressing imbalances and barriers that inhibit group and individual full engagement and success.
The person who designs and oversees the transformation of resources into goods and/or services.
What is the operations manager?
This exists when there are many comsumers buying a standardized product from numerous small businesses.
What is perfect competition?
These partners were not "successful" in college, had met in high school and reunited to enter into a a successful business of activism and an awesome product.
Who is Ben and Jerry?
What is creating shared value?
The nexus of diversity, equity and inclusion where all groups and individuals feel welcomed, valued, and are empowered to be active members of a community.
What is belonging?