Bus. Vocab Bundle 1 - Ch. 1-3 Contemporary Business
Bus. Vocab Bundle 1 - Ch. 1-3 Contemporary Business BUS 1101
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This 6 page Bundle was uploaded by Porsha Williams on Monday October 17, 2016. The Bundle belongs to BUS 1101 at Berkeley College taught by Joel Reichart in Fall 2016. Since its upload, it has received 3 views. For similar materials see Career and Business Essentials in Business at Berkeley College.
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Date Created: 10/17/16
Career and Business Essentials Contemporary Business, National 16th Ed. Chapter 1 Consumer Orientation – focusing on consumer 25 Vocabulary Terms wants and needs, then designing a product to meet Business – profitseeking activities and enterprises those demands that provide goods and services necessary to an economic system Profits – rewards earned by business people who Branding – creating an identity for goods, services, take risks involved in blending people, technology, or a company and information to create and market want Brand – name, term, sign, symbol, design, or a satisfying goods and services combination of these that identifies products and Notforprofit Organization – a businesslike differentiates them establishment with the primary objective of public service Relationship Management – a collection of activities that build and maintain ties with Capital – technology, tools, information, facilities customers and other parties Natural Resources – production inputs that are Transaction Management – building and promoting products in the hopes that customers will useful in their natural states buy enough to cover costs and make enough profit Human Resources – anyone who works including physical labor and intellectual inputs contributed by Strategic Alliance – a partnership that creates a workers competitive advantage Entrepreneurship – willingness to take risks and Outsourcing – using outside vendors to produce operate a business goods or fulfill services previously handled in house or incountry Private Enterprise System – an economic system Offshoring – relocation of business processes to that rewards firms for their ability to identify and serve needs and demands of customers also known lowercost locations overseas as capitalism Nearshoring – outsourcing production or services to locations nearby a firm’s home base Competition – battle among businesses for consumer acceptance Vision – the ability to perceive marketplace needs Competitive Differentiation – unique combination and what an organization must do satisfy those of organizational skills, products, and approaches needs that set companies apart in consumers’ minds Critical Thinking – analyzing and assessing Private Property – the most basic freedom: the information to pinpoint problems right to own, use, buy, sell, and bequeath Creativity – the capacity to develop novel solutions to perceived problems Porsha K. Williams | Berkeley College Career and Business Essentials Contemporary Business, National 16th Ed. Chapter 1 Business Ethics – the standards of conduct and Social Responsibility – a management philosophy moral values for decisions made in the work that involves contributing resources to the environment community, preserving the natural environment, and developing or participating in nonprofit programs Porsha K. Williams | Berkeley College Career and Business Essentials Contemporary Business, National 16th Ed. Chapter 1 issues such as conservation, employment practices, 18 Vocabulary Terms environmental protection, and philanthropy Business ethics – standards of conduct and moral values regarding right and wrong actions in the work environment SarbanesOxley Act of 2002 – federal legislation created in the wake of the Enron scandal, designed Green marketing – a marketing strategy that to deter and punish corporate and accounting fraud promotes environmentally safe products and production methods and corruption, and to protect the interests of workers through enhanced financial disclosures, criminal penalties on CEOs and CFOs who defraud Corporate philanthropy – effort or an investors, safeguards for whistleblowers, and organization to make a contribution to the establishment of a new regulatory body for public communities in which it earns profits accounting firms Consumerism – the public demand that a business Conflict of Interest – a situation in which an considers the wants and needs of its customers in employee must choose between a business’s welfare making decisions and personal gain Product liability – the responsibility of Integrity – adhering to deeply felt ethical principles manufacturers for injuries and damages caused by in business situations their products Whistleblowing – an employee’s disclosure to Family leave – Family and Medical Leave Act of 1993. States that employers with 50+ employees company officials, government authorities, or the media of illegal, immoral, or unethical practices must provide unpaid leave up to 12 weeks annually committed by an organization for any employee who wants time off for the birth or adoption of a child, to become a foster parent, or Code of conduct – forma statement that defines to care for a seriously ill relative, spouse, or self how tie organization expects employees to resolve ethical issues Discrimination – biased treatment of a job candidate or employee Stakeholders – customers, investors, employees, Equal Employment Opportunity Commission and public affected by or with an interest in a (EEOC) – created to increase job opportunities for company women and minorities and to help end Social responsibility – obligation to consider discrimination based on race, color, religion, profit, consumer satisfaction, and societal well disability, gender, or national origin in any personnel action being of equal value in evaluating the firm’s performance Sexual harassment – unwelcome and inappropriate Social audits – formal procedures that identify and actions of a sexual nature in the workplace evaluate all company activities that relate to social Sexism – discrimination against members of either sex, but primarily affecting women Porsha K. Williams | Berkeley College Career and Business Essentials Contemporary Business, National 16th Ed. Chapter 1 Porsha K. Williams | Berkeley College Career and Business Essentials Contemporary Business, National 16th Ed. Chapter 1 Oligopoly – a market situation in which relatively 39 Vocabulary Terms few sellers compete and high startup costs form Economics – social science that analyzes the barriers to keep out new competitors choices people and governments make in allocating scarce resources Microeconomics – study of small economic unites, Monopoly – market situation in which a single such as individual consumers, families, and seller dominates trade in a good or service for businesses which buyers can find no close substitutes Demand – the willingness and ability of buyers to Regulated monopolies – market situations in which purchase goods and services a local, state, or federal government grants exclusive rights in a certain market to a single firm Supply – willingness and ability of sellers to Planned economy – economic system in which provide goods and services government controls determine business ownership, Demand curve – graph of the amount of a product profits, and resource allocation to accomplish that buyers will purchase at different prices government goals rather than those set by individual firms Supply curve – graph that shoes the relationship between different prices and the quantities that Socialism – economic system characterized by sellers will offer for sale, regardless of demand government ownership and operation of major industries such as communications Equilibrium price – the prevailing market price at Communism – economic system in which all which you can purchase an item property would be shared equally by the people of a Macroeconomics – study of a nation’s overall community under the direction of a strong central government economic issues, such as how an economy maintains and allocates resources and how a Mixed market economies – economic system that government’s policies affect the standards of living of its citizens draws from both types of economies, to different degrees Pure competition – market structure in which large Privatization – conversion of governmentowned numbers of buyers and sellers exchange homogeneous products and no single participant has and operated companies into privately held an influence on price businesses Recession – cyclical economic contraction that lasts Monopolistic competition – market structure in for six months or longer which large numbers of buyers and sellers exchange heterogeneous (differentiated) products, so each participant has some control over price Productivity – relationship between the number of units produced and the number of human and other production inputs necessary to produce them Porsha K. Williams | Berkeley College Career and Business Essentials Contemporary Business, National 16th Ed. Chapter 1 Gross Domestic Product (GDP) – sum of all Monetary policy – government actions to increase goods and services produced within a country’s or decrease the money supply and change banking boundaries during a specific time period, such as a requirements and interest rates to influence bankers’ year willingness to make loans Inflation – economic situation characterized by Expansionary monetary policy – government rising prices caused by a combination of excess actions to increase the money supply in an effort to consumer demand and increases in the costs of raw cut the cost of borrowing, which encourages materials, component parts, human resources, and business makers to make new investments, in turn other factors of production stimulating employment and economic growth Core inflation rate – inflation rate of an economy after energy and food prices are removed Restrictive monetary policy – government actions to reduce the money supply to curb rising prices, overexpansion, and concerns about overly rapid Hyperinflation – economic situation characterized by soaring prices economic growth Deflation – opposite of inflation, occurs when Fiscal policy – government spending and taxation decisions designed to control inflation, reduce prices continue to fall unemployment, improve the general welfare of Consumer Price Index (CPI) – measurement of citizens, and encourage economic growth the monthly average change in prices of goods and services Budget – organization’s plan for how it will raise and spend money during a given period of time Unemployment rate – percentage of the total workforce actively seeking work but currently Budget deficit – situation in which the government unemployed spends more than the amount of money it raises through taxes Frictional unemployment – applies to members of the workforce who are temporarily not working but National debt – money owed by government are looking for jobs agencies who purchase Treasure bills, Treasure notes, and Treasure bonds sold to cover Seasonal unemployment – joblessness of workers expenditures in a seasonal industry Budget surplus – excess funding that occurs when Cyclical unemployment – people who are out of government spends less than the amount of funds raised through taxes and fees work because of a cyclical contraction in the economy Balanced budget – situation in which total Structural unemployment – people who remain revenues raised by taxes equal the total proposed spending for the year unemployed for long periods of time, often with little hope of finding new jobs like their old ones Porsha K. Williams | Berkeley College
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