Ch. 5 - Business in a Global Economy
a person who translates a conversation between to people who speak different languages
What is an interpreter?
lack of money, lack of experience, improper budgeting, poor location
What are reasons businesses fail?
a group of two or more people working togehter to achieve a common goal
What is a team?
manufacturers use these to create finished goods
What are raw materials?
a limit on how much of one good or service can be sold in another country over a set period of time
planning and managing the flow of goods, services, and people to a destination
What is logisitics?
skills learned through life experience and work experience that can be used in a variety of settings
What are transferable skills?
the authority structure in an organization from the highest to the lowest levels
What is chain of command?
work in process inventory is also called this
What is an unfinished product?
a type of leadership style in which all power is held with one person who expects everyone to do as he or she says, without question
What is autocratic?
embargoes that affect specific types of goods or one specific good
What are trade sanctions?
the gathering and analyzing of information about a business
What is market research?
this level of management carries out activities assigned to divisions or departments
What is middle management?
the job role that is responsible for sourcing and buying the materials needed for producing goods and services
What is a purchasing agent?
changing the view of your product or brand in hopes of increasing sales
What is repositioning?
the body of laws related to the exchange of goods and services for international trade
What is trade policy?
this type of financing is when capital is brought into the business in exchange for partial ownership in the business
What is equity?
this type of plan is used to carry out the short-term goals of an organization
What is tactical?
this step in developing a new product is where all new product concepts are gathered from a variety of sources, such as customer feedback and brainstorming
What is idea generation?
one of the five Ps of entrepreneurship, where a person is determined to work through obstacles
What is persistence?
What is floating currency?
a nonprofit organization of retired and active businesspeople who volunteer their time and knowledge to new business owners
What is the Service Corps of Retired Executives (SCORE)?
the process for holding meetings so that they are orderly and democratic
What is parliamentary procedure?
a working model of a product is called ______, whereas testing a new service is called ______
What is prototype and trial run?
the five functions of management
What are planning, staffing, leading, controlling, and organizing?