business ownership final

1. Means through which goods/services are produced

Production

2. Value of next-best choice

Opportunity cost

3. Economy with least freedom

Command economy

4. Example of consumer

Buyer/customer

5. Characteristics of recovery

Growth and more spending

6. When inflation is bad

Prices rise too much

7. Interest rate charged by Federal Reserve

Discount rate

8. People who buy bonds

Investors

9. Money a country owes

National debt

10. Country’s public systems

Infrastructure

11. Discourages international trade

Tariffs/quotas

12. Agreement to share project

Joint venture

13. Removing workplace barriers contributes to

Diversity/equality

14. Prevent monopolies with

Antitrust laws

15. Largest employer in U.S.

Government

16. Facts about contracts

Legally binding agreements

17. Easiest business to start

Sole proprietorship

18. Direction of business comes from

Business plan

19. Business organized for specific project

Joint venture

20. Matrix organizational structure

Employees report to 2 managers

21. Examples of entrepreneur

Store owner/CEO

22. Characteristics of entrepreneurs

Risk-taking and leadership

23. Section with business idea/goals

Executive summary

24. Small business characteristics

Under 500 employees

25. Employees obey from trust/respect

Leadership power

26. Memo between supervisors

Written communication

27. COO is an example of

Executive

28. Ethical behavior

Doing what is right

29. Goals of HR department

Hiring/training workers

30. Study of job duties

Job analysis

31. Civil Rights Act of 1964

Banned discrimination

32. Do managers/employees have same goals?

No

33. Purpose of performance evaluation

Review employee work

34. Human resources

Company workers

35. Do leaders treat everyone the same?

No, but fairly

36. Why involve employees in decisions?

Better teamwork

37. Reasons small businesses fail

Bad management/lack of money

38. Most startup money comes from

Personal savings

39. Policy vs procedure

Rule vs steps

40. Unity of command

One boss per worker

41. Monopoly

One seller controls market

42. OSHA

Workplace safety agency

43. WTO created/purpose

1995; promotes trade

44. Free trade zone/agreement

Few trade barriers

45. Domestic business

Business in one country

46. Corporate bond

Company borrowing money

47. Command vs market economy

Government control vs people/business control

48. GDP

Total value of goods/services

49. Basic economic problem

Scarcity

50. Right to private property

Own property legally

51. Four phases of business cycle

Expansion, peak, recession, recovery

52. Moving factories outside U.S.

U.S. loses jobs, other countries gain jobs

53. Three taxes/bonds

Income, sales, property; bonds raise money

54. Reasons businesses close

Poor planning, debt, competition

55. Five things managers do

Plan, organize, staff, direct, control

Patent

Legal right to invention

Planning

Setting goals/plans

Policies

Business rules

Procedures

Steps to complete tasks

Producers

Make goods/services

Productivity

Amount produced over time

Prosperity

Economic success

Quota

Limit on imports

Recession

Economic slowdown

Scarcity

Limited resources

Services

Work done for customers

Service-producing businesses

Businesses providing services

Staffing

Hiring/managing workers