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Group 1: Business Structure & Ownership (10 terms)
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.
Group 2: Types of Unemployment & Crime Terms (10 terms)
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.
Group 3: Work & Product Terms (10 terms)
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.
Group 4: Financial Terms (15 terms)
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.
Group 5: Accounting & Payment Terms (15 terms)
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.
Group 6: Distribution & Marketing Terms (15 terms)
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.
Group 7: Risk & Accounting Methods (15 terms)
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.
Group 8: Management & Organizational Terms (15 terms)
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.
Procedural Due Process – The right to a fair trial if you're sued or accused.
Substantive Due Process – The right to keep your fundamental rights, like freedom.
The Takings Clause – The government has to pay for private property it takes for public use.
Sovereign Immunity – The government can’t be sued in other countries’ courts.
Appropriation – Using someone’s name or likeness without their permission for personal gain.
Wrongful Interference – When a business tries to steal customers or employees from a competitor.
Franchisee – The person who buys the right to sell products of a company.
Franchisor – The company that sells the right to sell its products.
Franchise Agreement – A contract that lets someone operate a franchise.
Franchise Disclosure Document – A legal document that provides details about a franchise business.
Group 9: Employment & Legal Terms (18 terms)
Union Shop – A business where employees must join a union after getting hired.
Agency Shop – A business where employees don’t have to join a union, but must pay union fees.
Closed Shop – A business where you must be a union member to be hired.
Right-to-Work Laws – Laws that allow workers to work without joining a union.
Whistleblower – Someone who reports illegal activity in a business.
Workplace Harassment – Treating people unfairly or poorly in the workplace.
Vicarious Liability – When one person is responsible for the actions of another (like a manager being responsible for a worker).
Arbitration – A way to settle a dispute outside of court.
Mediation – Getting a neutral person to help resolve a disagreement.
Civil Law – Laws about private rights, like contracts and personal injury.
Criminal Law – Laws about crimes and punishments.
Employment Law – Laws that protect employees and employers.
Labor Law – Laws that govern the relationship between workers and employers.
Title VII of the Civil Rights Act of 1964 – A law that protects against workplace discrimination.
Age Discrimination in Employment Act – A law that protects workers over 40 from age-related discrimination.
Family Medical Leave Act (FMLA) – A law that allows employees to take leave for family or health reasons.
Americans with Disabilities Act (ADA) – A law that protects workers with disabilities from discrimination.
Fair Labor Standards Act (FLSA) – A law that sets minimum wage and overtime rules