Economic Foundations
This is the basic economic problem that occurs because resources are limited, but human wants and needs are unlimited
What is Scarcity
This term refers to bringing goods or services into a country from abroad specifically for resale.
What are Imports?
These are the four core functions of management that play a critical role in any future employment opportunity.
What are Planning, Organizing, Leading, and Controlling?
This leadership style is characterized by an attitude of letting things take their own course without direct manager interference
What is Laissez-faire?
This government agency is responsible for regulating workplace safety and health administration standards.
What is OSHA?
When a government centrally determines all production, investment, prices, and incomes, it operates under this specific economic system.
What is a Command Economy?
This is a tax or duty that a business must pay on a particular class of imports or exports.
What is a Tariff?
This long-term strategic planning tool asks managers to evaluate internal Strengths, internal Weaknesses, external Opportunities, and external Threats.
What is a SWOT Analysis?
This management theory assumes that employees are highly self-disciplined, yearn to learn from each other, and focus on building cooperative peer relationships.
What is Theory Z?
This management philosophy is built entirely around the principle that every staff member must be committed to maintaining high standards of work in every single aspect of operations.
What is TQM (Total Quality Management)?
According to this fundamental formula, if business costs increase, the retail price will automatically increase along with it.
What is Price minus Cost equals Profit ($Price - Cost = Profit$)
An official, government-mandated ban on trade or other commercial activity with a specific country.
What is an Embargo?
Budgets, calendars, schedules, policies, and procedures are all examples of this specific type of short-term planning.
What is Operational Planning?
According to Herzberg's two-factor theory, things like pay and working conditions fall under this category, which can prevent unhappiness but won't necessarily create job satisfaction.
What are Hygiene Factors?
These are the four sequential steps used in the process of controlling operations within a business.
What are: Set standards, Measure performance, Analyze performance, and Take corrective action?
This term describes the loss of potential gain from other choices when one alternative is chosen over another.
What is Opportunity Cost?
Every economy must answer these three baseline questions to satisfy its citizens' wants and needs.
What are: What to produce? How to produce? and How to distribute?
This 6-step business decision-making acronym stands for: Define goal, Establish criteria, Choose good options, Identify pros & cons, Decide the most logical option, and Evaluate results.
What is the DECIDE process?
These are the three basic forms of business ownership legal structure that determine a company's tax and insurance liabilities.
What are a Sole Proprietorship, Partnership, and Corporation?
This core concept of Lean management focuses on creating ultimate value for the customer through a specific internal practice.
What is Optimizing Resources?
These are the four sequential phases of the business life cycle that correlate directly with the health of the overall economy.
What are Depression, Inflation, Recession, and Expansion?
A threatened penalty imposed on a business or nation for disobeying an established law or international rule.
What is a Sanction?
While this type of business document provides a short, specific, and adaptable statement of current purpose, its counterpart provides a broad, lasting, and inspirational message for all stakeholders.
What are a Mission Statement and a Vision Statement?
On the Maslow’s Hierarchy of Needs employee engagement pyramid, a worker who says "I'm only here for the money" is stuck at this tier.
What is the Security tier?
Corporate Social Responsibility (CSR) requires a business to understand its overall nature across these three main societal impacts.
What are Philanthropy, Human Rights, and Environmental Impact/Sustainability?