Economics
This type of economy has characteristics of multiple different economies.
Mixed Economy
A legal right granted to an inventor, giving them exclusive rights to make, use, or sell an invention for a certain period
Patent
What management structure has few or no levels of management.
Flat Structure
What leadership style has the highest potential to lead to confusion or lack of direction.
Laissez faire
List at least 2 consequences of a business breaking consumer laws.
Reputation Damage, Fines, Lawsuits
The output of all goods and services produced by a country.
Gross Domestic Product (GDP)
A legal right that protects original works of authorship, including music, books, movies, and art.
Copyright
What is a benefit of a hierarchical management structure
Clear authority, efficient decision making
A leader who inspires and motivates their team to achieve extraordinary goals, often by creating a strong vision and fostering personal growth.
Transformational Leadership
What is a downside to using venture capital to fund a business
Giving up equity
Refers to the basic economic problem that arises because people have unlimited wants but resources are limited.
Scarcity
Designed to prevent businesses from engaging in fraud or unfair practices, ensuring consumers’ rights are upheld.
Customer Protection Laws
Management structure where a company is divided into semi-autonomous units based on product, market, or region.
Divisional Structure
What is a benefit of autocratic leadership?
Strong direction, quick decisions
An employee who exposes unethical or illegal practices within their company.
Whistleblower
The point at which supply meets demand and there is no surplus or shortage.
Equilibrium Point
Confidential business information that gives a company a competitive advantage
Trade Secret
What is a downside to a matrix management structure?
Conflicts between managers, confusing chain of command
What is a downside to democratic leadership?
Can be time consuming
Companies going beyond profit-making to positively impact society.
Corporate Social Responsibility
What are the four factors of production?
Land, Labor, Capital, Entrepreneurship
What are the 5 essential elements of a contract
Offer, Acceptance, Consideration, Capacity, Legality
Why is having a management structure important for a business?
Establishes clear roles and responsibilities
Human resources is defined as
The department within a business responsible for managing its employees.
What type of business organization protects the owners assets from lawsuits?
Limited Liability Company (LLC)