Economic Concepts
The process of focusing all time and effort to a limited range of services or products.
What is specialization?
Provide services to customers and other businesses.
What is a service firm?
Person’s overall sense of worth or personal value.
What is self esteem?
Skills and attitudes necessary to gain employment and participate effectively in the workpalce.
What are employability skills?
When a product is overproduced.
What is surplus?
Government controls most of daily life.
What is a command economy?
Organizations that operate on donations, volunteers, and philanthropists.
What is a non-profit organization?
Mental picture of a person has of himself or herself.
What is self-image?
Values or standards that direct the way we live.
What are ethics?
Requires people with strong human relation and communication skills.
What is human resources?
Providing goods and services at the right place and time.
What is time utility?
The 4 functions of management.
What is planning, organizing, directing, and controlling?
Self esteem can be improved by a certain group of people.
What are adults?
Transferring information from one place to another effectively.
What is effective communication?
The ability to plan and execute control over the amount of time spent on specific activities to effectively accomplish goals.
What is time management?
Refers to one company controlling a product market.
What is a monopoly?
System used to record, classify, summarize, and report the financial position of a business.
What is accounting?
Statement showing a strong belief in or dedication to something.
What is affirmation?
The ability to cope with job stress which benefits an individuals personal and professional life.
What is stress management?
Referred to as a middleman.
What are Intermediaries?
Regulations on taxes and government budgets.
What is the fiscal policy?
The 4 modes of transportation.
What are waterways, railroads, trucks, and airlines?
Self esteem is established on this day.
What is day one?
An employee prioritizing between work productivity, responsibilities, and their lifestyle outside of work, such as family.
What is Work-Life balance?
Businesses are privately owned, and you can do what you want with profits of a business.
What is capitalism?