EC-071
Someone who provides startup money to a new business
Angel investor
The ability to see the "big picture" and think about how things will work together
Conceptual Skills
Advantages or payments employees receive in addition to their wages (e.g., sick time, holiday pay, health insurance)
Benefits
Every society must develop a system for deciding how it will use its resources so that it can
meet people's needs
Having positive customer relations means making customers
Having positive customer relations means making customers
Anything of value that a business or individual owns
Asset
The management function that monitors the work effort
Controlling
Pay or wages for work completed
Compensation
Who answers the basic economic questions in a private enterprise economic system
businesses and individuals
Businesses use technology to build positive customer relations by
Creating targeted marketing campaigns. Businesses use technology to build positive customer relations by identifying valuable customers and creating targeted marketing campaigns to reach them. Calling customers at home, placing pop-up ads online, and sending "junk" e-mails will create negative customer relations instead of positive ones.
A piece of paper (whether real or virtual) that says a governing body or corporation will borrow an investor's money at a particular interest rate for a particular period of time
Bond
The management function of providing guidance to workers and work projects
Directing
Fulfilling the requirements of the law
Compliance
One of the results of freedom in the marketplace is that
people can buy anything they can afford that can legally be sold
The most important factor in a business's customer relations is its
People. The most important factor in a business's customer relations is its people. Employees make or break a business's efforts to build positive relations with customers. Business processes, business environment, and technology are also factors affecting a business's customer relations, but they are not as important as the human factor.
An organized effort to produce and/or distribute goods and services
Buisness
Top-level management
Executive managment
An oral or written expression of an employee's dissatisfaction
Employee complaint
Alex owns a guitar, several books, and a telescope. Alex's possessions are examples of
private property
Customer relations skills such as courtesy and friendliness should be emphasized during a business's
Hiring process. Customer relations skills such as courtesy and friendliness should be emphasized during a business's hiring process. Employees are the most important factor in a business's customer relations. Businesses must hire people who will present a positive "face" for the company to the public. Courtesy and friendliness are not skills that relate to market research, facilities design, or technology planning.
The arrangement by which businesses and individuals can purchase now and pay later
Credit
All the sources of money available to a business
Financial Resources
Freedom from danger, risk, or injury in the workplace
Employee safety
which of the following is a benefit of the freedom to own private property
it encourages people to save money and invest
When someone says that a business has positive relations with its internal customers, the person means the business has
Happy employees. When someone says that a business has positive relations with its internal customers, the person means the business has happy employees. Employees are a business's internal customers, and keeping them happy is important because unhappy employees have difficulty creating and maintaining satisfied "external" customers. Positive employee relations does not necessarily relate to updated technology or strong managers.