UCI MGMT 1 Midterm單詞卡

Entrepreneur

A person who risks time and money to start a business

Standard of living

amount goods and services people can buy with the money they have, cost of living, poverty rate

Quality of life

the general well being of a society based on goods and services, environment, and satisfaction of these things, available healthcare, human rights

Uniform Commercial Code

regulates businesses contracts and warranties so that firms know that they can rely in each other.

E-Commerce

the buying and selling of goods online

Quality of products

Zero defects is the goal in order to ensure less defects and higher customer satisfaction

Empowerment

Frontline workers must be qualified and able to make decisions about the high quality goods and service that improves production

Globalization

world trade, Devilment of efficient distribution and the communication advances from the internet

Greening

saving energy and producing products that cause less harm to the environment

Market price

determined between the supply and demand, negotiated price, equilibrium

Perfect Competition

No seller that is large enough to affect the price, govt have no interference, consumers see the product as the same thing for the same price

Monopolistic competition

large numbers of sellers that make pretty much the same thing, differentiate their product by design and advertising (BAD TERM)

Oligopoly

Very few companies in a specific industry that dominate their market, they could work together to set price (Gas)

Monopoly

1 dominate seller in a marketplace, that seller could very easily sell at one price

Communism

Government owns all factors of production

and makes all pricing and decisions

Socialism

Basic business are owned by the govt. High taxes on privately owned businesses reduce entrepreneurship. Anything sponsored and funded by the govt

Brain Drain

people who make more move to other countries to keep more of their money

Free-Market Economies

Capitalism

GDP

The total value of final goods and services produced in a country in a given year. Wherever something is manufactured, the gdp goes to that country

Frictional Unemployment

most common, circumstantial

Structural unemployment

Based on the businesses

Cyclical unemployment

economy based-

Economy is booming then jobs are hiring

Full employment

everyone has a job, buy frictional is always there (3% unemployment for people over 20)

Disinflation

Inflation rate is declining, Inflation is still present, but is slow

Deflation

Prices are declining

Stagflation

economy is slowing, but prices continue to increase

Core Inflation

The CPI (consumer price index) minus food and energy costs. Energy and food inflation tends to fluctuate more

Recession

a period of economic decline during which trade and industry are decreased, drop into negative GDP for 2 quarters

Fiscal Policy

The government's policy on stabilizing the economy

Monetary Policy

Administered by the Federal Reserve Bank.

* Monetary supply

* Interest Rates

Resource development

the study of how to increase resources

Invisible Hand (Adam Smith)

the process that turns self directed gain into social and economic benefits for all

Free Trade

The movement of goods and services among nations without political or economic barriers.

Comparative advantage theory

a country should sell to other countries those products it produces most effectively and efficiently and buy from other countries those products it can not produce as effectively of efficiency

Absolute advantage

a country can produce a specific product more efficient than all other countries, does not last forever

Balance of Trade

the total value of a nations exports compared to its imputed. Surplus vs deficit

Balance of payments

difference of money coming into a country (exports) and money leaving the country (imports) plus other country factors

Licensing

A firm (licensor) may decide to compete in the global market by licensing the right to manufacture its oviduct or use its trademark (license) to a foreign company for a fee (royalty)

Contract Manufacturing

A foreign company produces private label goods to which a domestic company then attaches its own brand name or trademark, low risk, outsourcing

Joint Venture

A partnership which 2 in more companies join to undertake a project. Shared technology and risk, marketing and management expertise

Strategic alliance

long term relationship between 2 or more companies to help compete and build in their market

Foreign Direct investment

The buying of permanent property and businesses in foreign nations

Foreign subsidiary

a company owned in a foreign country by another company called the parent company

Multinational corporation

manufactured and markets products in many different countries and multinational stock

Sovereign Wealth Funds

investment funds controlled by governments holding investment stakes in foreign countries

Ethnocentricity

an attitude that your own country is superior to other countries (US business people)

World Trade Organization

meditates trade disputes among nations

Devaluation

Lowers the value of a nation's currency relative to others.

Compliance- based ethics codes

emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers

Integrity- based ethics codes

define the organizations guiding values, create an environment that supports ethically bonds behavior, and stress shared accountability

Corporate social responsibility

the concern business have for the welfare of society not just for their owners, goes beyond being ethical. Commitment to integrity, fairness, and respect

Milton Friedman

the only social responsibility of business is to make money for stockholders. The business of business is business

Social Audit

systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs

Hedonism

I did what was right for me -- self interest

Might Equals Right

I did it because I could

Conventionalism

There was a legal loophole, or, everyone else does it.

Utilitarianism

The benefits outweigh the costs

Cultural Relativism

There are no absolutes. Ethical values depend on the culture

Procedural Justice

The process used to come to the decision was fair to everyone (Equality)

Compensatory Justice

If procedural and distributive justice break down, those affected should be compensated.

Foreign Corrupt Practices Act

no bribing

Sarbanes-Oxley

food thing 2004

General Partnerships

All partners share in operating the business and in profits and losses

Limited Partnerships

1 or more general and 1 or more limited partners.

Master Limited Partnerships (MLP)

These are traded on the stock market, but are taxed like partnerships.

Limited Liability Partnerships (LLP)

Partners are not responsible for liability resulting from other partners' actions. They are liable for company debts -bank loans etc.

Conventional Corporations (C Corps)

State chartered legal entity with authority to act and have liability separate form its owners

S Corporations (sub-chapter SCorps)

Taxed as sole proprietorships and partnerships. Limited to 100 shareholders. Only legal residents of the US can buy, limits who can buy. Shareholders must be US citizens or permanent residents. Usually family businesses

Mergers

Two companies agree to move forward together as a new entity. Vertical: elements of a value chain. Horizontal: same type

Planning

anticipating trends and determining the best strategies and tactics to achieve goals

Leading

creating a vision for the organization and helping others achieve the goals in a timely manner

Organizing

designing the structure of the organization and creative conditions and systems in which everyone and everything works together.

Controlling

clear standard to determine an organization success

Vision

a broad explanation of why the organization exists and where it's trying to go

Mission statement

outlines the organization's fundamental purposes

Goals

broad long term accomplishments an organization wishes to attain

Objectives

specific short term statements detailing how to achieve the organizations goals

Strengths, Weaknesses, Opportunities, Threats (SWOT)

Analysis in order to figure out what the situation NOW is. Analysis will help determine goals and therefore help plan what plans the company needs

Strategic planning

Done by top management and determines the major goals of the organization and what they need to achieve those goals

Tactical planning

process of developing detailed, short term statements about what is to be done

Operational planning

setting work standard and schedules necessary to implement the company's tactical objectives, focuses on specific people

Contingency planning

preparing alternative courses of action the firm can use if its primary plans do not work out. Crisis planning

Bounded Rationality Model

start with every possible solution and choose the first one that satisfies an acceptable solution

Transparency

presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders

Autocratic leadership

making managerial decisions without consulting others, emergencies

Participate (democratic) leadership

managers and employees working together to make decisions may not always increase effectiveness

Free-rein leadership

set objectives and employees are free to do whatever is appropriate to accomplish those objectives

Enabling

giving workers the education and tools they need to make decisions

Knowledge management

finding the right info and keeping it readily accessible, and making it known to everyone in the firm together constitute the tasks

Engagement

an employee's level of motivation, passion, and commitment. Feel connected to the company.

Frederick Taylor: Father of Scientific Management

* Scientific Management:

* Time, methods, and rules of work

* Time motion studies: study of tasks that must be performed to complete a job and the time needed to do each task

* Principle of Motion economy: showing that a job can be broken into a series of elementary positions called therblig

* Humans are machines that needed to be programmed

Hawthorne effect

peoples tendency to behave differently when they know they're being studied

Maslow's Hierarchy of needs

* Basic survival needs (food, shelter, water)

* Safety: security

* Social: to feel loved, accepted, and part of a group

* Esteem: recognition and acknowledgement from others, self respect

* Self- actualization: develop one's fullest potential

Herzberg's motivating factors

* Sense of achievement

* Earned recognition

* Interest in the work

* Opportunity for growth/advancement

Mcgregor's theory X

* The average person dislikes work and will avoid it if possible

* Workers must be force, controlled, directed, or threatened with punishment to put effort

Mcgregor's theory Y

* Most people like work

* They are naturally committed

Ouchi's Theory Z

* Type A. (American):

* Relied on short term employment, individual decision making, responsibility, specialized career paths

* Type J (Japan)

* Focus on trust and intimacy within the group and family

* Type Z (hybrid)

* Long term employment

* Collective decision making

* Specialized career paths

* Slow evaluation and promotion

* Family that fosters corporation and organizational values

Goal setting theory

setting ambitious but attainable goals can motivate workers and improve performance if the goals are accepted and accompanied by feedback, and pave the way for achievement

Management by objectives (Peter Drucker)

goal setting and implementation includes a cycle of discussion, review, and evaluation of objectives among top and middle level managers, supervisors and employees

Victor Vroom's expectancy theory

employee expectations can affect motivation

1. Can I accomplish the task

2. If I do, what is my reward

3. Is the reward worth it?