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Franchise
a contractual agreement between a
parent company and a franchisee to distribute goods and services
Corporation
a form of business ownership that is owned by stockholders who
have purchased units or shares of the company
Elastic Demand
demand that changes according to changes in price
Inelastic Demand
demand that is not affected by changes in price.
Unitary Demand
when sales remain the
same because changes in supply and demand are equal
Tort
a private wrongdoing that potentially harms another person or entity
Doctrine of Sovereign Immunity
the universally accepted principle that each nation has the right to manage its own government and develop
its own laws.
Job Enlargement
combining different tasks into one position
Job Rotation
moving from one job to another job within an organization
Specialization by Trade
the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting.
Frictional Unemployment
occurs because there are always workers who are in transition
Structural Unemployment
when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills
Cyclical Employment
result of changes in the economic and business cycles
Wage Garnishments
court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization
Embezzlement
theft of valuables that have been entrusted to another's care
Securities Fraud
the use of misleading sales tactics to persuade investors to purchase securities
Espionage
revealing confidential information without the source or owner's permission and is often associated with spying
Variety-seeking Buying Behavior
involves the purchase of routine items
Brand-insistence Buying Behavior
buyer will not buy anything other than a specific
brand or product
Automation
involves the use of machines to carry out production tasks
Ergonomics
the study of the use of equipment or technology and
its effects on workers' physical well-being
Innovation
taking action to make the idea, item, or process available for consumers to use
Business-format Franchise
involves a close,continuous, working relationship between the franchisor and the franchisee
Customer Complaints
related to the business's policies and procedures
Consumer Products
economic goods and services that are purchased and used by the ultimate consumer
Capital Products
purchased by businesses for use in their operations
Communist Command Economy
capital for business investment is provided
by the government, which obtains it by taking the profits of businesses it owns and by levying taxes
Traditional Economy
people produce only what they must have in order to exist
Market Economy (Free Enterprise)
means of production and distribution are owned and controlled by individuals and businesses
Operating Expenses
costs of running the business
Gross Domestic Product
final market value of the total output of all goods and
services produced within a country's geographic boundaries during a year's time
Federal Reserve Banks
used by local banks to protect their banking functions; do not provide protection for local property
Tact
the ability to express your ideas and opinions so that they do not hurt or offend others
Cultural Imperialism
cultural aspects referring to the creation and maintenance of unequal relationships between civilizations favoring the more powerful civilization.
Nationalization
something whose ownership is taken over by the government
Credit
the arrangement in which businesses and individuals can purchase now and pay later.
Defamation
a tort that involves harm to an individual's or business's reputation
Monetary Gift
given without expectations of repayment
Punitive Damages
damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit
Contraction
businesses are affected by external factors; businesses often experience lower sales and profits
Business Cycle
the periods of expansion and contraction in economic conditions
Expansion
when the economy is strong and growing; businesses tend to make profits, expand operations, and
hire more employees
Transitional Economic System
when a country's economic system is moving from one type of economic system to another type of economic system
Secondary Dimensions of Diversity
differences that may change at various points throughout one's lifetime
Primary Dimensions of Diversity
inborn differences that cannot be changed and affect a person's entire life
Debit Card
funds are electronically transferred from the cardholder's checking or savings account to the seller's account
Corporate Bonds
bonds issued by corporations to fund operating expenses
Brokerage Bills
a fee charged by an agent, or agent's company to facilitate transactions between buyers and sellers
Gross Pay
total income earned for the pay period before income taxes and other deductions are subtracted from the wages
Net Pay
the amount of money that the worker receives after
the taxes and other deductions have been subtracted from his/her wages
Overtime Income
the amount of money that an hourly worker earns for working more hours than s/he is normally
scheduled to work
General Endorsement
allows the endorser to cash the check or deposit it into the account of his/her choice
Capital Gains
taxes on earnings from the appreciation of an
investment
Rebate
a part of the price that a customer pays for a good or service, which is usually offered by the product's
manufacturer
Stop Words
commonly used words that do not always add meaning to the primary search terms
Logistics
the function of operations that manages the flow of goods and services from production to consumption
Malware
an illegal computer program that is used to disrupt computer processes, destroy computer programs, and access confidential business information
Shareware
type of computer program in which computer users can sign up for the software on a trial basis. After the
trial expires, the computer user can purchase and register the program, if desired
Position Innovation
when an existing product is repositioned
Process Innovation
changing the way that a product is produced or delivered
Distributed Innovation
a decentralized model used for problem solving
Conceptual Skills
ability to see the "big picture" and think about how things will work together
Moderate Input
decision maker asks for some help before deciding
Payroll Records
information about money paid to employees in a given period
Web Ring
a series of linked web pages that share a common theme.
Channel Management
responsible for identifying, selecting, monitoring, and evaluating sales channels
Channels of Distribution
sales channels
Product/Service Management
obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Promotion
communicate information about goods, services, images, and/or ideas to achieve a desired outcome
Rolling Budget
continuous budget
Zero-Based Budgeting
requires managers to demonstrate the need for every expense instead of relying on figures from a previous period
Working Capital
the difference between a business's current assets and current liabilities
Capital Investment Decisions
which projects the business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to the company's shareholders
Capital Structure
mix of debt and equity financing used to finance investments and projects
Market Risk
risk of financial loss due to the decreased
value of an investment
Market Risk Management
using financial instruments to manage exposure to market risk
Accrual Accounting Method
journalize income and expenditures at the time
they occur even if no money changes hands at that time
Cash Accounting Method
record income and expenditures at the time the money changes hands
Managerial Accounting
reporting financial data to internal users
Tax Accounting
recording transactions for tax purposes
Churning
broker may encourage you to make excessive trades just to collect the commission fees from each one
Skimming
price strategy that involves setting prices higher than those of the competition
Bundling
marketing strategy that involves offering several products for sale as one combined product
Flighting Strategy
media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising
