| A | B |
|---|
| who you are when you select, purchase, use, or dispose of goods or services | consumer |
| material things you can see and touch | goods |
| anything you can use to make or obtain what you want or need | resource |
| receives profit by satisfying your needs and wants | business |
| reward for satisfying consumers’ needs and wants | profit |
| the contest between businesses to win customers | competition |
| hair cutting and guitar lessons | services |
| highways, drinking water, and education | public wants |
| measures of economic performance | economic indicators |
| total value of goods and services produced in a country in a year | gross domestic product |
| measures the number of people who are able to work but don’t have a job | unemployment rate |
| an increase in the cost of goods and services | inflation |
| a decrease in the cost of goods and services | deflation |
| result of a government spending more than it collects in taxes | budget deficit |
| the amount of money a government owes | national debt |
| person who assumes the risks of a business enterprise | entrepreneur |
| helps you focus on what you want to do, how you’ll do it, and what you expect to accomplish in business | business plan |
| according to this agency, small business owners are usually the managers | Small Business Administration |
| a business started by someone who accepts the risk of starting and running a business | entrepreneurship |
| a business that operates on the Internet | virtual business or dot-com |
| money left over after a business has paid all cost of doing business | profit |
| a business that employees less than 500 people | small business |
| people who take chances | risk takers |
| reason an entrepreneur may fail | lack of money |
| expertise needed for the success of small business | good managerial skills |
| business owned by one person | sole proprietorship |
| major advantage of a corporation | limited liability |
| business that moves products between businesses or between businesses and the public | intermediary |
| a distributor | wholesaler |
| changes raw materials into more finished products | processors |
| products of a skill or activity, such as hairstyling | services |
| business owned by two or more persons who share the risks and responsibilities | partnership |
| shares of corporate ownership | stock |
| private hospitals, schools, and museums | nonprofit organizations |
| owned and operated by members for the purpose of saving money on purchases of goods and services | cooperative |
| assigning managers different tasks | organizing |
| responsibility divided among specific units | departmentalization |
| presidents, vice presidents, and chief executive officers | top-level managers |
| plant managers, regional managers, and department heads | middle managers |
| managers who are responsible for the daily functioning of the business | operational managers |
| pay raises, promotions, stock options, and profit sharing are examples | incentives |
| puts authority in one place, with top management | centralized organization |
| involves top-level management deciding how the company should perform | long-range planning |
| training and motivating employees | leading |
| making sure deadlines and budgets are met | controlling |
| the desire to take action and get things done | initiative |
| the ability to communicate with people | human relations |
| the most highly-valued quality in a leader | integrity |
| giving managers and employees the power to run things | delegating |
| started in Japan and moved to the United States | self-managed teams |
| instead of giving orders, you make decisions with a team | team leader |
| providing direction and vision for a company | leadership |
| leadership style where one manager makes all the decisions | autocratic |
| leadership style where managers don’t have time to run everything | free-rein |
| leadership style where you make the final decision, but explain reason to employees | democratic |
| the light bulb, the radio, and the computer | technology |
| people who work with computers while doing business | e-workforce |
| e-tail and e-tickets are examples of this type of business | e-commerce |
| businesses that sell on the Internet and in regular stores | click and mortar |
| computer “guts” that stores billions of bits of information | microchip |
| linking jobs together electronically | digital workflow |
| an advantage of e-tail | shop any time |
| stores and warehouses that businesses use | bricks and mortar |
| an online retail business | e-tail |
| a disadvantage of e-tail | easy to overspend |
| the light bulb, the radio, and the computer | technology |
| people who work with computers while doing business | e-workforce |
| e-tail and e-tickets are examples of this type of business | e-commerce |
| businesses that sell on the Internet and in regular stores | click and mortar |
| computer “guts” that stores billions of bits of information | microchip |
| linking jobs together electronically | digital workflow |
| an advantage of e-tail | shop any time |
| stores and warehouses that businesses use | bricks and mortar |
| an online retail business | e-tail |
| a disadvantage of e-tail | easy to overspend |
| the desire to take action and get things done | initiative |
| the ability to communicate with people | human relations |
| the most highly-valued quality in a leader | integrity |
| giving managers and employees the power to run things | delegating |
| started in Japan and moved to the United States | self-managed teams |
| instead of giving orders, you make decisions with a team | team leader |
| providing direction and vision for a company | leadership |
| leadership style where one manager makes all the decisions | autocratic |
| leadership style where managers don’t have time to run everything | free-rein |
| leadership style where you make the final decision, but explain reason to employees | democratic |
| get back the money you paid for a defective product | refund |
| person or group that works to protect consumers | consumer advocate |
| publisher of Consumer Reports | Consumers Union |
| helps consumers solve problems with large appliances | Major Appliance Consumer Action Program |
| enforces laws about business practices | Federal Trade Commission (FTC) |
| endorses products with a “seal of approval” | Good Housekeeping |
| regulates electric, gas, and water rates | public utilities commission |
| permit to conduct business | license |
| controls and approves insurance rates | state insurance commission |
| inspects and grades foods | U.S. Department of Agriculture |
| part of a business that handles consumer problems | customer service department |
| source of consumer education | Consumer Reports |
| contamination of air, water, and land | pollution |
| process waste for reuse | recycling |
| being treated in a respectful manner | right to service |
| type of consumer fraud | bait and switch |
| reporting unsafe products | responsibility to speak out |
| refusing to buy a company’s product | boycott |
| testing and labeling products | right to safety |
| works to protect consumer’s rights | consumer movement |
| plainly labeled, unadvertised, and sold at lower prices | generic products |
| Macy’s and Marshall Field’s | department stores |
| cost per pound or quart | unit price |
| examines and rates products | consumer magazines |
| prevents impulse buying | shopping list |
| covers only certain parts of a product for repair | limited warranty |
| sell brand-name products that are discontinued or have minor flaws | outlet stores |
| “free prices” and “super low prices” | sales gimmicks |
| tells you what the contents of a product are | label |
| don’t make money but bring in customers | loss leaders |
| something you do to make money | job |
| an occupation or field in which you work over a long period of time | career |
| talents that come naturally | aptitudes |
| abilities developed through learning and experience | skills |
| trained to help you discover and evaluate possible careers | career counselor |
| a good place to find out about careers | library |
| requires an advanced degree | profession |
| first step on the career ladder | entry-level job |
| time and money you spend preparing for a career | investment in your future |
| hobbies that can lead to careers | interests |
