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Franchise

A business that lets someone else sell its goods or services.

Corporation

A company owned by people who buy shares of stock.

Elastic Demand

When people buy more or less of something because of price changes.

Inelastic Demand

When price changes don’t affect how much people buy.

Unitary Demand

Sales stay the same, even when prices change because supply and demand balance out.

Tort

A wrongdoing that harms another person or company.

Doctrine of Sovereign Immunity

Countries control their own laws without interference from others.

Job Enlargement

Giving someone more tasks in their job.

Job Rotation

Switching jobs within a company to learn different skills.

Specialization by Trade

Doing a specific type of work, like accounting or engineering.

Frictional Unemployment

Unemployment when people are changing jobs.

Structural Unemployment

Jobs disappear due to technology or changes in the economy.

Cyclical Employment

Unemployment that happens when the economy is weak.

Wage Garnishments

When part of your paycheck goes to pay a debt.

Embezzlement

Stealing money that was entrusted to you.

Securities Fraud

Lying to people about investments to get them to buy.

Espionage

Spying or stealing secrets from a business or country.

Variety-seeking Buying Behavior

Buying different things out of curiosity.

Brand-insistence Buying Behavior

Only buying one specific brand.

Automation

Using machines to do work instead of humans.

Ergonomics

Making work tools and environments comfortable and safe.

Innovation

Creating new ideas or ways to do things.

Business-format Franchise

A type of franchise where the company closely helps the franchisee.

Customer Complaints

Complaints from customers about business rules or services.

Consumer Products

Products people buy for personal use.

Capital Products

Products businesses use to operate, like machines.

Communist Command Economy

When the government controls all businesses and prices.

Traditional Economy

People only make what they need to survive.

Market Economy (Free Enterprise)

Businesses decide what to sell and how much to sell it for.

Operating Expenses

Costs to run a business, like paying workers and buying materials.

Gross Domestic Product (GDP)

The total value of everything produced in a country.

Federal Reserve Banks

Banks that help manage the country's money.

Tact

Saying things in a way that doesn’t hurt others' feelings.

Cultural Imperialism

When one culture controls or influences another.

Nationalization

When the government takes control of a private business.

Credit

Buying something now and paying later.

Defamation

Spreading lies that hurt someone's reputation.

Monetary Gift

Giving money without expecting anything in return.

Punitive Damages

Money given to punish someone for bad behavior.

Contraction

When businesses are affected by bad times and have lower sales.

Business Cycle

The ups and downs in the economy.

Expansion

When the economy is growing and businesses are doing well.

Transitional Economic System

When a country’s economy changes from one type to another.

Secondary Dimensions of Diversity

Things that change throughout life, like hobbies or job experiences.

Primary Dimensions of Diversity

Things that don’t change, like age, gender, or race.

Debit Card

A card used to spend money directly from your bank account.

Corporate Bonds

Loans that a company takes from people in exchange for paying them back later with interest.

Brokerage Bills

Fees charged by agents who help buy and sell investments.

Gross Pay

The total amount you earn before any deductions.

Net Pay

The amount you take home after deductions.

Overtime Income

Extra pay for working more hours than normal.

General Endorsement

A type of signature that lets you deposit or cash a check anywhere.

Capital Gains

Tax on profits made from selling investments.

Rebate

A part of the price returned to the customer, like a discount after purchase.

Stop Words

Common words used in searches that don't add much meaning.

Logistics

The process of getting products from one place to another.

Malware

Bad software that harms computers or steals information.

Shareware

Software that you can try for free but have to pay for if you keep using it.

Position Innovation

Changing where or how you sell a product.

Process Innovation

Changing the way something is made or delivered.

Distributed Innovation

When different people or companies work together to solve problems.

Conceptual Skills

The ability to see the big picture and how things work together.

Moderate Input

Asking for some help before making a decision.

Payroll Records

Information about what employees are paid.

Web Ring

A group of websites that are linked together.

Channel Management

Managing the path products take from producer to consumer.

Channels of Distribution

The different ways products get to customers.

Product/Service Management

Making sure products or services meet market needs and are improved over time.

Promotion

Letting people know about a product or service.

Rolling Budget

A budget that’s always being updated with new information.

Zero-Based Budgeting

A budget where every expense has to be justified.

Working Capital

The money a company has to keep running day-to-day.

Capital Investment Decisions

Deciding where to spend money to grow the business.

Capital Structure

The way a company gets money (through loans or selling stock).

Market Risk

The chance that an investment’s value will go down.

Market Risk Management

Using tools to reduce the risk of losing money in investments.

Accrual Accounting Method

Record income and expenses when they happen, even if money hasn’t been paid yet.

Cash Accounting Method

Record income and expenses when money is actually exchanged.

Managerial Accounting

Reporting financial info for a company’s internal use.

Tax Accounting

Recording transactions for tax purposes.

Churning

Encouraging too many trades just to make commission money.

Skimming

Setting high prices above the competition.

Bundling

Selling products together at a discount.

Flighting Strategy

Advertising at certain times of the year and stopping at others.

Transfer Payments

Money given by the government with no goods or services in return.

Floating Exchange-Rate System

When a country’s money value changes based on supply and demand.

Law of Economies of Scale

The idea that the more you make of something, the cheaper it gets to produce.

Picketing

Workers standing outside a company to show they’re unhappy with something.

Injunction

A court order that stops people from doing something.

Lockout

When companies stop workers from working during a strike.

Direct Distribution

Selling products straight from the producer to the customer.

Indirect Distribution

Selling products through other businesses before they reach customers.

Slack Resources

Extra resources that go beyond what’s needed to run the business.

Competitive Aggression

Competing with other companies for customers.

Organizational Learning

Learning within a company to get better and work together.

Operations Management

Managing day-to-day tasks to keep a business running.

Information Management

Handling data and knowledge to help businesses make decisions.

Touch Points

All the ways a company can connect with its customers.

Brand Promise

The promise a company makes to its customers about what they can expect.

Statute

A written law.