| A | B |
|---|
| internship | involves work experience in an organization while learning about a career field (usually non-paid) |
| career | a goal that is fulfilled through a job or series of jobs |
| experience-based resume | lists employment history in chronological order |
| job shadowing | spending time with a worker for a day or week to learn about a certain occupation |
| cover letter | letter that expresses your interest in a specific job and requests an interview (gets sent with your resume) |
| networking | using prior relationships (teachers, friends, coaches) to meet people and be introduced into certain career fields. |
| skills based resume | highlights abilities and experiences related to the job for which you are applying |
| follow-up letter | letter that expresses your appreciation for the opportunity to interview for a job |
| occupation | a task or series of tasks performed to provide a good or service |
| mobility | the willingness and ability of a person to move where jobs are located |
| service providing business | examples include insurance companies and dentists |
| planning and staffing | human resource activity involving job analysis and job recruitment |
| permanent employee | an employee to whom a company hadsmade a long term commitment |
| compensation & benefits | human resource activity involving wage, salary and benefits planning |
| goods producing business | examples are construction companies, engine manufacturers and clothing manufacturers |
| downsizing | A planned reduction in the number of employees needed |
| performance management | human resource activity involving managing promotions and terminations |
| temporary employee | an employee hired for a specific time or to complete a specific assignment |
| employee relations | Human resource activity involving enforcement of a company policy |
| outsourcing | involves removing work from one company and sending it to another company to be completed at a lower cost |
| planning | involves analyzing information, setting goals and making decisions about what needs to be done |
| dependability | a manager who follows through on commitments is showing this leadership characterstic |
| strategic management | strategic management |
| staffing | includes all the activities involved in obtaining, preparing, and compensating employees |
| courage | a manager who is willing to make unpopular decisions it showing this leadership characteristic |
| tactical management | a management style best to use when working under tight time pressures |
| organizing | identifying and arranging the work and resources needed to achieve company goals |
| controlling | determining how well the business is accomplishing its goals |
| judgement | a manager who makes decisions carefully is showing this leadership characteristic |
| implementing | directing and leading people to accomplish the planned work of the organization |
| advertising | any paid form of communication through mass media directed at identified consumers to provide information and influence their actions |
| buying motives | the reasons consumers decide what products and services to pruchase |
| channel of distribution | the route a product follows and the businesses involved in moving a product from the producer to the final consumer |
| consumer decision making process | the specific sequence of steps consumers follow to make a purchase |
| distribution | the location and methods used to make a product or service available to the target market |
| effective communication | the exchange of information so there is common understaning by all participants |
| marketing | the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have VALUE for customers |
| marketing mix | the blending of the marketing elements |
| marketing research | a companys’s plan that identifies how it will use marketing to achieve its goals |
| marketing strategy | finding solutions to problems through carefully designing studies involving customers |
| merchandising | a set of promotional activities designed to obtain sales in the retail setting |
| personal selling | direct individualized communication with prospecctive customers to assess their needs and assist them in satisfying those needs with appropriate product and services |
| price | the money a customer must pay for a product or service |
| promotion | any form of communication used to inform, persuade or remind |
| retailer | the final business organization in an indirect channel of distribution for consumer products |
| services | intangible activities that are consumed at the same time they are produced |
| target market | a specific group of consumers that have similar wants and needs |
| needs | Things that are required in order to live |
| services | Things that are intangible and have no physical characteristics |
| scarcity | Not having enough resources to satisfy every need |
| natural resources | Raw materials supplied by nature |
| consumer | Those who buy and use goods and services |
| goods | Things that you can see and touch |
| trade-off | When you give up something to have something else |
| producers | Those who determine which products and services will be available for sale |
| wants | Things that add comfort and pleasure to your life |
| human resources | People producing goods and services |
| production | Economic resources are sometimes referred to as factors of ___________ |
| economic decision making | the process of choosing which wants, among several options, will be satisfied is called ______ |
| traditional | In a ______________ economy, goods and services are produced by the way they have always been produced |
| command | In a _____________ economy, all the resources are owned and controlled by the government |
| competition | The rivalry among businesses to sell their goods and services is called |
| profit | The amount of money left from sales after taxes and expenses have been paid |
| market price | The point at which supply and demand are equal is called |
| unemployment rate | the portion of people in the labor force who are not working |
| productivity | the production output in relation to a unit of input |
| personal income | salaries and wages as well as investment income and governement payments to individuals |
| depression | a period in the business cycle marked by a long period of high unemployment, weak consumer sales and business failures |
| inflation | an increase in general level of prices |
| prosperity | a period in the business cycle when most people who want to work are working, wages are good and GDP growth increases |
| stock | represents ownership in a corporation |
| bond | represents debt for an organization |
| recession | a period in the business cycle when demand begins to decrease unemployment begins to rise and GDP slows for at least 2 quarters in a calendar year |
| deflation | a decrease in the general level of prices |
| absolute advantage | exists when a country can produce a good or service at a lower cost than other countries |
| comparative advantage | exists when a country specializes in the production of a good or service at which it is relatively more efficient |
| imports | items bought from other countries |
| tariff | a tax that a government places on certain imported products |
| trade surplus | occurs when a country sells more than it buys |
| embargo | completely prohibiting the import or export of a product |
| trade deficit | occurs when a country buys more than it sells. |
| quota | a limit on the quantity of a product htat may be imported or exported |
| exports | items sold to other countries |
| interest rates | the cost of using someones else’s money |
| contract | an agreement to exchange goods or services for something of value |
| intrastate commerce | Business dealings involving companies that do business in only one state |
| conditions of work | clauses in labor contracts that pertain to employee health and safety while on the job |
| property tax | a tax levied on the value of land and buildings |
| conservation | saving scarce resources |
| interstate commerce | business dealings involving companies in more than one state |
| copyright | protects creative work of authors, composers, and artists |
| pollution | Occurs when the enviroment is tainted with by-products of human actions |
| sales tax | a tax levied on goods and services that is collected by the seller |
| patent | gives the inventor sole right to make, use or sell and item for 20 years |
| producer | an automobile factory is this type of business |
| limited life | the business legally ends when the owner leaves or dies |
| board of directors | the people who make the major policy and financial decisions for a corporation |
| policies | guidelines used in making consistent decisions |
| intermediary | a grocery store is this type of business |
| unlimited liability | responsibility for debts of the business beyond the business’s assets (they can take your personal assets) |
| procedures | description of the way work is to be done |
| service business | an internet service provider is this type of business |
| corporate by laws | the operating procedures for a corporation |
| proprietorship | a business owned by one person |
| partnership | business organization with 2 or more owners who share in responsibility and rewards |
| corporation | an organization owned by many people but treated by the law as a separate entity |
| limited liability partnership | identifies some investors who cannot lose more thant he amount of their investment but are not allowed to participate in the day to do operation |
| joint venture | a unique business organized by 2 or more businesses to operate for a special project |
| S corporation | offeres the limited liability of a corporation (tax paid on individual tax returns) |
| franchise | written contract granting permission to operate a business to sell products and services in a set way |
| limited liability company | provides the features of a partnership and corporation |
| cooperative | owned by its members serves their needs and is managed in their interest |
| nonprofit | a group of people who join to do some activity that benefits the public |
| revenue | all income that a business receives over a period of time |
| asset records | records that name the buidling and equipment OWNED by the business |
| current ratio | ratio that tells you if the business can pay its debts when the become due |
| current liabilites | amounts a company will pay off within one year |
| debt to equity ratio | ratio that tells you how much the business is relying on money borrowed from others |
| inventory records | records that identify the type and number of products on hand for sale. |
| payroll taxes | refers to income taxes, social security tax, medicare and unemployment taxes |
| current assets | cash and items that can readily be converted to cash |
| expenses | the costs of operating a business |
| payroll records | records that contain information on all employees, their compensation and benefits |
| insurance | exchanges uncertanity of a possible large financial loss for a certain smaller payment |
| premium | the amount the policyholder must pay for insurance coverage |
| risk | the possibility of incurring a loss |
| insurance agent | the person responsible for selling policies |
| claim | a policyholder's request for payment for a loss that is covered by the insurance policy |
| policy | the contract between the insurer and the policyholder |
| personal risk | can result in losses, such as health and personal well being |
| property risk | can lead to a loss of personal or business items such as money, vehicles and buildings |
| liability risk | related to harm or injury to other people or their property because of your actions |
| insurer | agrees to take on certain economic risks and to pay for losses if they occur |
| economic risk | those that can relate in financial loss |
| stock | the purchase of ownership in a corporation |
| corporate bond | loaning a corporation money that they will pay back with interest over time |
| mutual fund | when a group of investors pool their money in a professionally managed investment fund |
| capital gain | to sell an investment for more than you paid for it |
| capital loss | to sell an investment for less than you paid for it |
| commission | a fee paid for the buying and selling of stock |
| rule of 72 | allows a person to easily calculate howlong it will take their money to double at a set interest rate |
| treasury bond | a bond sold by the federal government |
| bull market | investors are optimistic about the market and purchase stock |
| bear market | investors are pessimestic about the market and sell stock |
| SMART goal | the steps used to create a goal |
| short term goal | something you hope to accomplish in less than one year |
| long term goal | something you hope to accomplish in more than one year |
| portfolio | a collection of all an investors investments |
