Business Basics
Any activity that provides goods or services to customers for the purpose of making a profit.
Business
Added value/usefulness to the consumer is called.
Economic Utility
The desire, effort and passion to achieve something with enthusiasm.
Motivation
What type of economy is the following: Resources are owned and controlled by the people of the country.
Market Economy
Influence of values and beliefs upon the conduct and operation of a business is called.
Business Ethics
Organization that has a purpose other than returning profits to its owners (i.e. United Way, Red Cross)
Not-For-Profit Business
Name at least 2 of the 5 Economic Utilities.
Time, Information, Place, Possession, and Form
When people engage in an activity out of their own desire (i.e. hobby) it is called.
Intrinsic Motivation
What type of economy is the following: When the government owns, controls, and decides how goods are produced, shared and distributed (i.e. North Korea, Iran, China)
Planned Economy
The duty of a business to contribute to the well-being of a community is called?
Social Responsibility
Not having enough resources to satisfy every need.
Scarcity
An Economic Utility that may involve displays, labels, packaging, advertising, and/or an owner’s manual.
Information
When people participate in an activity because of the benefits and rewards associated with doing so (i.e. wages/salaries, bonuses, praise/recognition) it is called.
Extrinsic Motivation
What type of economy is the following: Combines planned (command) and market economies.
Mixed Economy
When a business is sensitive to the following groups in the workforce: women, ethnic groups, physically challenged, and older workers.
Workplace Diversity
Name at least 2 of the 4 external factors that affect business.
Economy, Government, Consumer Trends, Corporate Citizenship
Economic Utility - Having the product where the customers can buy it is called.
Place
To give official authority to employees to make decisions and control their own activities.
Empowerment
What type of economy is the following: Goods and services are produced the way it has always been done.
Traditional Economy
What does the EPA stand for?
Environmental Protection Agency
Name at least 2 of the 4 Factors of Production.
Land, Labor, Capital, and Entrepreneurship
Economic Utility - Making it convenient for the customer to pay for a product/service is called.
Possession
Management’s attempts to increase worker productivity by linking pay with performance is called.
Performance-related pay (PRP)
The United States of America is technically to types of Economies. What are the two?
Market Economy and Mixed Economy
Standards for safety in businesses are regulated and enforced by what agency? (It's an abbreviation hint hint...)
OSHA (Occupational Safety and Health Administration)