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Bus. Vocab Bundle 1 - Ch. 1-3 Contemporary Business

by: Porsha Williams

Bus. Vocab Bundle 1 - Ch. 1-3 Contemporary Business BUS 1101

Marketplace > Berkeley College > Business > BUS 1101 > Bus Vocab Bundle 1 Ch 1 3 Contemporary Business
Porsha Williams


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These documents contain all of the vocabulary words from chapters 1-3.
Career and Business Essentials
Joel Reichart
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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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