Business and its Environment
Someone who takes the financial risk of starting a new venture.
What is an Entrepreneur?
The intrinsic and extrinsic factors that drive actions to achieve a goal.
What is Motivation?
The amount of a product that customers are willing to buy at a given time period.
What is Demand?
The ratio of outputs to inputs during production.
What is Productivity?
The capital needed by an entrepreneur to set up a business.
What is Start-Up Capital?
The potential loss a shareholder has if a company fails, or the possible damage pertaining to the amount invested.
What is Limited Liability?
A type of leadership where a leader makes all of the decisions and holds virtually most of the power within the company.
What is Autocratic Leadership?
The market price that equates supply and demand for a product.
What is Equilibrium Price?
The intangible capital of a business that includes human capital, structural capital, and relational capital.
What is Intellectual Capital?
When a firm ceases trading and its assets are sold for cash to pay suppliers and other creditors.
What is Liquidation?
The total value of all long-term finance invested in a company.
An important motivational researcher who developed the hierarchy of needs.
Who is Abraham Maslow?
A type of marketing that involves developing a product to suit a smaller segment of the market.
What is Niche Marketing?
The use of computer software to control machine tools and related machinery involved in manufacturing.
What is Computer Aided Manufacturing (CAM)?
The level of output at which total costs equal total revenue and neither a profit nor loss is made.
What is Break-Even Point of Production?
Businesses that consider the interests of society by always taking accountability and consideration of their decisions' impact on customers, the community, and the environment.
What is Corporate Social Responsibility?
The number of employees that left in one year divided by the average number of people employed times 100.
What is Labor Turnover?
The chain of intermediaries a product passes through from producer to consumer.
What is the Channel of Distribution?
A type of production that involves producing items in a continually flowing manner.
Total value of assets minus total value of liabilities.
What is Shareholder's Equity?
An economy where resources are owned largely by private sector with minimal state intervention.
What is Free-Market Economy?
The process of a job no longer being needed through no fault of the employee.
What is Redundancy?
A type of sampling when the population has been stratified and the interviewer selects a certain amount of respondents from each stratum.
What is Quota Sampling?
The minimum inventory level needed to ensure production is able to be carried out, even if a delay occurs or production rates increase.
What are Buffer Inventories?
The estimated difference between monthly cash inflows and cash outflows.
What is Net Monthly Cash Flow?