Communication
The informal transmission of information among workers
What is the Grapevine?
Groups of customers with similar needs to whom the company plans to sell its products
What is a Target Market?
When a country's output exceeds population growth
What is Economic Growth?
The net balance of cash moving into and out of a business at a specific point in time
What is Cash Flow?
A company owned or operated by a few people
What is a Small Business?
When a younger employee works with an employee from an older generation to help give a different perspective
What is Reverse Mentoring?
The four P's of marketing
What are Product, Price, Place, Promotion?
The market value of all products produced in a country during a specific time period
What is Gross Domestic Product?
Project income and expenses from the beginning of a new business until its expected to become profitable
What are Start-up Costs?
An artificial, intangible being, or a seperate enitity that can act on its own belhalf
What is a Corporation?
The structure through which information flows in a business that can be formal or informal
What is a Communication Network?
When an asset becomes out of date or inadequate, causing a decrease in value
What is Obsolescence?
Law stating that the price of a product is determined by its supply and demand
What is the Law of Supply and Demand?
The gradual loss of a products value due to age and wear and tear
What is Depreciation?
A corporation that does not offer shares of stock for public use
What is a Closed Corporation?
A method of coming up with ideas in a group by writing them down and reading them anonymously
What is the Nominal Group Technique?
Grouping goods according to size, quality, or other characteristics and determining an appropriate price
What is Grading and Valuing?
A period of significant decline in the total output of income and employment in an economy
What is a Recession?
Amount the retailer pays the supplier for the merchandise it buys and sells
What is Cost of Goods Sold?
A corporation that provides limited liabilities to owners, but is taxed as a partnership
What is a S-Corp?
An organizational culture that relies on top-down decision making and adheres to numerous rules and strict discipline
What is a Closed Culture?
Types of consumer goods
What are Convenience goods, Shopping goods, Speciality Goods, Unsought Goods
The economic system where the economic resources are privately owned by individuals
What is Capitalism?
Equation for book value
What is Book Value = Cost - Depreciation?
An organization important to society, but one that lack the profit potential to attract private investors
What is a Quasi-public Organization?