finance

Basic Economic Problem

Limited resources but unlimited wants.

Contract

A legal agreement between people or businesses.

Offer

A proposal to make a deal.

Consideration

What each person gives up or exchanges in a deal.

Capacity

Being legally able to make a deal (like being an adult).

Philanthropy

Giving money or help to others.

Lease

A rental agreement.

Breach of Contract

Breaking the rules of a contract.

Sales and Service Contract

A deal to sell something or provide a service.

Business Ethics

Doing business the right way (not cheating).

Code of Ethics

Rules about what’s right and wrong in a business.

Party

A person or group involved in a contract or agreement.

Corporate Social Responsibility

A company helping society and being ethical.

Employer Identification Number (EIN)

A business’s tax ID.

Morals

Ideas about right and wrong.

Software License

Permission to use a program legally.

Partnership Agreement

A contract for people working together in a business.

Cash Flow

Money coming in and out of a business.

Collateral

Something valuable you give to back up a loan.

Entrepreneur

Someone who starts their own business.

Mentor

An experienced guide or teacher.

Mission Statement

A company’s goal in one sentence.

Business

Selling goods or services to make money.

Product

Something a business sells.

Market

Where people buy and sell things.

Supply and Demand

How much of something is available vs. how much people want it.

Want

Something you’d like to have but don’t need.

Gross Domestic Product (GDP)

The total value of a country’s goods and services.

Inflation Rate

How fast prices are going up.

Monopoly

When one business controls the market.

Collusion

Secretly working with others to cheat or limit competition.

Stock

A share of ownership in a company.

Business Market

Companies selling to other companies.

Globalization

The world becoming more connected through business and trade.

Culture

Shared beliefs and behaviors in a group.

Domestic Business

Business within one country.

Exports

Goods sold to other countries.

Collective Bargaining

Workers and employers negotiating work conditions.

Antitrust Laws

Rules to stop unfair business practices.

Bankruptcy Laws

Rules for when someone or a business can’t pay debts.

Securities Laws

Rules for trading stocks and investments.

Recall

Taking back faulty products.

Acceptance

Agreeing to an offer or deal.

Contract Law

Rules about making and following contracts.

Employment Contract

A deal between a boss and a worker.

Social Responsibility

Helping others and being fair.

Code of Conduct

Guidelines for how to behave at work.

Corporate Culture

A company’s personality and values.

Trade Secrets

A business’s private info that gives it an advantage.

Ethics

Doing what’s right.

Integrity

Being honest and trustworthy.

False Advertising

Lying about a product.

Confidentiality

Keeping private information secret.

Proprietary Information

Business info only the company knows.

Human Resources (HR)

The team that hires and manages workers.

Human Resources Management (HRM)

Overseeing worker-related tasks.

Job Description

A list of what a job involves.

Compensation

Payment for work.

Professional Development

Learning to improve skills.

Salary

Regular payment for work (monthly or yearly).

Work Environment

The space and atmosphere at work.

Motivation

What pushes people to do their best.

Harassment

Unwanted or offensive behavior at work.

Ergonomics

Making workplaces comfortable and efficient.

Mediation

A neutral person helping solve disagreements.

Discrimination

Treating people unfairly based on personal traits.

Job Sharing

Two people splitting one job.

Occupational Safety and Health Administration (OSHA)

A group that ensures safe workplaces.

Downsizing

Reducing the number of employees to save money.

Screening Interview

A first meeting to see if you’re right for the job.

Labor Union

A group that protects workers' rights.

Incentive

A reward for doing something well.

Orientation

Training for new workers.

Job Analysis

Studying what a job requires.

Recruiting

Finding people for a job.

Competitive Wages

Fair pay compared to similar jobs.

Strike

Workers stop working to demand better conditions.

Arbitration

A third person solving a disagreement.

Benefit

Extra perks like insurance or time off.

White-Collar Worker

Office workers.

Bonus

Extra pay for good work.

Blue-Collar Worker

Manual labor workers.

Commission

Pay based on sales made.

Piecework

Pay based on items made.

Personal Leave

Time off for personal reasons.

Family Leave

Time off to care for family.

Telecommuting

Working from home.

Flextime

Flexible work hours.