Miscellaneous
Involves blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm’s chances of success.
What is diversity?
The study of small economic units, such as individual consumers, families, and businesses.
What is microeconomics?
This management function might include training and retraining employees, establishing work schedules, and monitoring progress.
What is directing?
An economic situation characterized by price increases that reduce the amount of goods and services people can purchase with a given amount of money.
What is inflation?
A person who sees a profitable opportunity and then devises a plan to achieve that profit.
What is an entrepreneur?
The standards of conduct and moral values governing actions and decisions in the work environment.
What are business ethics?
The amount of goods and services for sale at different prices.
What is supply?
A market structure in which large number of buyers and sellers exchange homogenous products and no single participant has a significant influence on price.
What is pure competition?
If the government spends more than the amount of money it raises through taxes, then this occurs.
What is a budget deficit?
Businesslike establishments that have primary objectives other than returning profits to their owners.
What is a not-for-profit organization?
The process of achieving organizational objectives through people and other resources.
The willingness and ability of buyers to purchase goods and services at different prices.
What is demand?
Involves classifying and dividing work into manageable units with a logical structure.
What is organizing?
The relationship between the goods and services produced in a nation each year and the inputs needed to produce them.
What is gross domestic product (GDP)?
Foreign-made products purchased by domestic consumers.
What are imports?
With this type of leadership, it is centered on the boss.
What is autocratic?
A for-profit system established, owned, and operated by individuals.
What is the private enterprise system?
A single seller dominates trade in a product for which buyers can find no close substitutes.
What is a monopoly?
Measures the monthly average change in prices of goods and services.
What is the consumer price index (CPI)?
Land, labor, capital, and entrepreneurship.
What are the factors of production (in an economic system)?
These types of leaders involve their subordinates in the decision-making process.
What is democratic?
The unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.
What is competitive differentiation?
A market structure characterized by relatively few sellers and barriers to entry resulting from high start-up costs.
What is an oligopoly?
During this time, consumers frequently postpone major purchases and shift buying patterns toward basic, functional products carrying low prices.
What is a recession?
Technology, tools, information, and physical facilities for the operation of a business.
What is capital?