| A | B |
|---|
| communication | more than just telling people what to do, this is about giving direction, feedback resolving issues |
| efficiency | Allowing workers to specialize allows for greater THIS |
| China | Top THREE countries US trades with are Mexico, Canada and THIS country |
| Unity of command | principle where each employee reports to one supervisor at a time |
| proxy | written authorization for someone to vote on behalf of the person signing it |
| proprietorship | Businesses suited to operating as a ______________ is one that can be managed by one person |
| women | IN the last 20th century the Labor participation rate has increased for this group |
| ethics | standards of moral conduct |
| home | During the start-up phase of foreign operations, firms tend to rely on managers from the ______ country. |
| organizing | The three major elements of effective ____________ are the division of work, the facilities and working conditions, and the employees. |
| lag | When sales at home begin to do THIS, American firms have shipped their products overseas or abroad |
| $5,000 | If a business earns an average profit and has yearly receipts of approximately $100,000, how much would the owner likely earn in a year? |
| embargo | American companies cannot conduct business in North Korea because of THIS |
| operational | THIS type of planning is short-term planning that identifies specific activities for each area of the business |
| entrepreneurship | THIS along with land labor and capital is a factor of production |
| domestic products | products made by firms in the home country |
| NGO | Audubon Society and the National Organization for Women are examples of THIS |
| capitalism | 3 basic features of capitalism include private property ownership, right to make a profit, business competition |
| rise rapidly | This typically occurs with prices during a period of high inflation |
| relationships | THESE are important for managers, because they are responsible for getting work done through others. |
| recycling | Reusing products or product packaging. |
| comparable worth | Paying workers equally for jobs with similar but not identical job requirements. |
| Frost Belt | The colder states in the north and northeast of the United States. |
| telecommute | Staying in contact with the employer electronically while working from home or on the road |
| code of ethics | A formal, published collection of values and rules that reflect the firm’s philosophy and goals. |
| values | Underlying beliefs and attitudes |
| Gen Y | People born between 1981 and 1997, toward the end of the millennium; also called millennials |
| social responsibility | The duty of a business to contribute to the well-being of society |
| stakeholders | The owners, customers, suppliers, employees, creditors, government, general public, and other groups who are affected by a firm’s action. |
| NGO | Independent groups which influence businesses through lobbying, publicity, and pressure tactics to alter their activities. |
| ownership | An advantage of corporations in relation to partnerships is that they can easily transfer THIS |
| privatization | when a government transfers to a business its authority to provide a good or a service |
| empowerment | Letting workers decide how to perform their work tasks and offer ideas on how to improve the work process. |
| productivity | Producing the largest quantity in the least time by using efficient methods and modern equipment. |
| foreign goods | Products made by firms in other countries. |
| finance | Business activity that deals with all money matters related to running a business. |
| GDP | The total market value of all goods produced and services provided in a country in a year |
| franchisee | The distributor of a franchised product or service. |
| effectiveness | Making the right decisions about what products or services to offer customers and the best ways to produce and deliver them. |
| underground economy | ncome that is not recorded in the GDP. |
| international business | The ability of businesses from one country to compete with similar businesses in other countries. |
| output | The quantity, or amount, produced within a given time |
| nontariff | Kind of trade barrier that having to make a change on a product before it can be sold in that country is |
| organizational chart | visual of the structure of an organization, major job classifications, and the reporting relationships |
| standards | Management is most concerned when performance is lower than THIS |
| rules | effective practice in enforcing work _______ include: Consider special circumstances before determining the penalty and Provide written copies of all rules to employees. |
| small | overwhelming majority of workers in this country are employed by THESE type of businesses |
| Strategic planning | provides broad goals and direction for the entire business |
| 95% | Approximately what percentage of total receipts does a business use to pay its costs |
| skills | One of the main reasons many proprietorships fail within a short time is that the owner lacks ___________ |
