Business Basics (Chapter 2)
What is an economy?
A system for using resources.
What is globalization?
Business across countries.
What does HR stand for?
Human Resources.
What is training?
Teaching employees how to do their job.
A store hires more workers for Christmas. What is this called?
Seasonal hiring.
What is supply and demand?
How much people want vs. how much is available.
What is an import?
A product brought into a country.
What is job analysis?
Studying a job to define duties and skills needed.
What is orientation?
Introducing new employees to the company.
A company lowers prices during slow months. What concept is this?
Demand change.
What is a market economy?
An economy where buyers and sellers make decisions.
What is an export?
A product sold to another country.
What is recruitment?
Finding job applicants.
What is development?
Helping workers grow in their careers.
A manager reviews why workers keep quitting. What is this?
A turnover analysis.
What is inflation?
A rise in average prices.
What is a tariff?
A tax on imports.
What is selection?
Choosing the right person for the job.
What is compensation?
Employee pay and benefits.
HR promotes someone after training. What HR function is shown?
Development.
What is a competitive market?
Many sellers offering similar products.
What is GDP?
The value of all goods and services a country produces.
What is performance appraisal?
Reviewing an employee’s work results.
What is retention?
Keeping employees at the company.
A company bans trade with a country. What is that called?
A trade embargo.