EC-071
A business can be described as...
organized effort to produce goods and services
The ability to see the "big picture" and think about how things will work together
what are conceptual skills
A human resources management activity that involves recruiting, interviewing, hiring, orienting, and dealing with job changes for a company's employees
Staffing
private enterprise is based on the idea that everyone is better served when
individuals are free to set their own goals
Having positive customer relations means making customers
what is happy
A business that exists to fulfill a specific mission or undertaking is called a __________ business.
nonprofit
The management function that monitors the work effort.
what is controlling
Freedom from danger, risk, or injury in the workplace
Employee safety
the economic basis for the private enterprise economic system is
profit motive
To build positive customer relations, a business must be
what is proactive
Financial analysis occurs when a business...
keeps accurate expense records
The management function of providing guidance to workers and work projects
what is directing
Seeking out and attracting qualified potential employees
Recruiting
Individuals put limits on their own economic freedom by
Making personal economic choices
Building positive customer relations is one of the least expensive ways for a business to
what is competing with other businesses
Janelle’s Creative Supplies is opening an additional location on the other side of town. To successfully operate the new location, Janelle primarily needs
additional employees
Top-level management
what is executive management
Human resources management tasks that must be performed when a new employee joins the company (e.g., orientation and paperwork)
Performance review
Who answers the basic economic questions in a private enterprise economic system?
Businesses and individuals
Businesses strive to retain current customers because
it is less expensive than gaining new customers
Making sure that a business has enough of a product in stock without having too much on hand is the goal of
inventory management
All the sources of money available to a business
what are financial resources
Long-range planning (three to five years) for the company as a whole
Strategic planning
The basic role of the United States government is to
protect U.S. citizens.
Businesses must keep in mind that word-of-mouth promotion can be
what is negative