Business Management
The processes or functions of planning, organizing, leading, and controlling.
management
Providing direction and vision for a company.
leadership
Business that takes place between states.
interstate commerce
____ are goods and services that one country buys from another country.
imports
_____ are physical products.
goods
The act or process of creating goals and objectives as well as the strategies to meet them.
planning
Holding to principles like honesty, loyalty, and fairness.
integrity
Business that takes place within states.
intrastate commerce
The activity of buying and selling goods and services in domestic or international markets.
trade
Companies thrive on ____.
competition
This means providing direction and vision.
leading
Managers and employees work together to make the decisions.
democratic leadership
Occurs when a company controls an industry or is the only one to offer a product or service.
monopoly
The ___ is the interconnected economies of the nations of the world.
global economy
Good choices are easier to use if you use the process of ____.
decision making
This means keeping the company on track and making sure goals are met.
controlling
Leadership style when you like to run everything yourself.
autocratic leadership
A group of companies that band together to form a monopoly and cut out competition.
trust
Tax placed on imports to increase their price in the domestic market.
tariff
Items that people can use to make or obtain what they need or want are called ____.
resources
Level of management that sets goals and plans for the future as well as leading and controlling the work of others.
top-level management
Giving managers and employees the power to run things and make decisions
delegating
Allows the federal government to break up monopolies, regulate them, or take control of them.
antitrust laws
Ability of a country/company to produce a good more efficiently than another country/company.
comparative advantage
This is determined by the crossing of the demand curve and supply curve.
equilibrium price