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BE Unit 3 Vocabulary Flashcards-Set 2

Lockoutswhen a company closes a plant of factory in order to gain a negotiating advantage over the employee's union. Commonly used if they suspect the union is planning a strike
Injunctionscourt order requiring a person union or firm to refrain from a particular activity. Intent is to prevent the action of one person that is very likely to harm another.
Strikebreakerssomeone who starts working or continues to work for a firm while a labor union is engaged in a strike of the firm.
Importinggoods purchased from other countries
ExportingSale of goods to a foreign country
Franchisingarrangement where one party (the franchiser) grants another party (the franchisee) the right to use its trademark or trade-name as well as certain business systems and processes
Foreign direct investment (FDI)The acquisition of controlling interest in foreign firms and businesses from one country in another country. It can also take the form of constructing factories, structures and equipment in foreign soil.
Joint venturesactivity undertaken by two or more entities in which each entity has some degree of control. Each participating firm can participate in the benefits of the venture without the loss of control that would come from a formal merger.
Wholly-owned venturesan independent company owned by a parent company
Qualityan inherent or distinguishing characeristic
Specialization of laborcondition in which resources are primarily devoted to specific production tasks. Tasks are divided among different workers and each worker is able to specialize.
Division of laborbasic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled as specific tasks
Depth of jobsability and power an employee has to influence his or her work environment; the amount of discretion an employee has in a job. A highly specialize position provides many decision opportunities characteristic of a job with great depth.
Scope of jobsnumber of different tasks that constitute a job, and the number of job cycles in a given period.
Business processesseries of logically related activities or tasks (such as planning, production, sales) performed together to produce a defined set of results. Also called business function
Value chaina series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys
Management processesa process of planning and controlling the performance or execution of any type of activity
Support processesactivity or function that supports the day-to-day operations of an organization, such as accounting, communications, maintenance, sales.
Taxany sort of forced or coerced payment to government. The primary reason goverment collects taxes is to ge the revenue needed to finance public goods and pay administrative expenses.
Revenueamount generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of firm before any costs or expenses are deducted.
Expenditureactual payment of cash or cash-equivalent for goods or services or a charge against available funds in settlement of an obligation--as evidenced by an invoice, receipt, voucher, or other such document.
Excise taxalternative term for excise duty; tax levied on the manufacture, sale, or use of locally produced goods.
Income taxannual charge levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents).
Property taxtax imposed on the market value of real and personal property such as boats, cars, buildings, land, etc.
Sales taxtax levied on sale of goods and services

Business Teacher
Grand Junction High School

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