Who Knows 1
Law that states employers must page one and one half times regular rate of pay for more than 40 hours worked for qualified employees.
The Fair Labor Standards Act of 1968
____ is the process of gathering and analyzing of information about a business.
Market Research
The shared beliefs, customs, practices, and social behavior of a particular group or nation is the ____.
Culture
____ are businesses that use supplies from other producers to make products.
Manufacturers
The functions of management are:
Planning, organizing, staffing, implementing, and controlling
____ is the market value of all final products produced in a country during a specific time period (normally 1 year).
GDP
Which level of management includes specialists for specific parts of a company's operations?
middle management
The way people get along with each other is known as
human relations
Term for raw materials found in nature
natural resources
____ are critical skills necessary to perform the required work-related tasks of a position.
Job Specific Skills
Quantity of goods or services consumers are willing and able to buy.
Demand
The following is are business considerations associated with product:
Developing new uses for the product
Researching product design
Making customers aware of products
Adding features to products
False
Making customers aware of products
The law of ____ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.
supply and demand
_____ is the cost to convert one currency into another.
Foreign Exchange Rate
This exists when a business has control of the market for a product or service.
monopoly
A ____ is a document that has the rules for guiding actions of employees in an organization
Code of ethics
The strictest trade barrier
embargo
Defining the problem
The ____ is a group of individuals who make high-level management decisions for a corporation and establish company policies.
Board of Directors
When one or more parties do not follow the agreed terms of a contract without having a legitimate reason a ____ occurs.
Breach of contract
A ____ economy is one in which economic decisions are based on a society’s values, culture, and customs.
traditional
ability to motivate individuals and groups to accomplish important goals
leadership
The system a society uses to produce goods and services?
economic
____ is the connection made among nations when economies freely move goods, labor, and money across borders.
Globalization
____ plans are created for the long-term goals of an organization.
Strategic
Planning and managing the flow of goods, services, and people to a destination is ____.
Logistics
A ____ is an association of two or more persons who co-own a business with the objective of earning a profit.
Partnership
The amount of goods and services that producers are willing to provide at various prices
supply
Anything that is bought or sold is called a(n) ____.
product
In a command economy, who would control the three economic questions?
government
Restrictions to free trade are known as
trade barriers
focus of a government's constitution
____ is the process of controlling and making decisions about a business.
Management
The business activity involved in making, buying, and selling product within a nation’s borders is ____ business.
domestic
Food, water, shelter, clothing, and clean air are examples of
needs
When two or more businesses work together to remove their competition, set prices, and control distribution, it is called ____.
collusion
Intrastate commerce is business that occurs where?
within the state itself
A person who starts a new business or purchases an existing business is a(n) ____.
Entrepreneur
The process of recruiting, hiring, training, evaluating, and compensating employees is called ____.
Staffing
Something of value promised in a contract is called ____.
consideration