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Principles of Business 1st Semester Vocabulary

Vocabulary
a data set by cstanton
created December 12, 2016
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FAMILY TREE
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TermDefinition
ResourcesThe basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship) and capital.
ProductivityThe amount of output (goods and services) produced per unit of input (productive resources) used.
LaborThe quantity and quality of human effort available to produce goods and services.
InnovationA new idea or method.
EntrepreneurOne who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.
Division of Labor An arrangement in which workers perform only one step or a few steps in a larger production process (as when working on an assembly line)
Producers businesses which develop products for distribution from raw goods
Processors businesses which change raw goods into a more finished form, known as processed goods
Manufacturersbusinesses which change raw or processed goods into finished goods
Intermediaries businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as “middlemen”
Service Firms businesses which provide services to consumers and other businesses
Non-profit Organizationsbusinesses provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit.
Equilibriumoccurs when a product is demanded in the same quantity it is produced.
Supplyamount of a product available to the market; stock.
Demandconsumer’s willingness to buy a product.
Tarifftax on imports; includes protective and revenue-producing.
Capitalismeconomic system in which businesses are privately owned; product development is proportionate to the accumulation and reinvestment of profits gained in a free market; government is usually democratic and maintains fewer social services than in a socialist system.
Communism totalitarian economic system in which the government runs and controls everything; there is little or no economic freedom; theoretically there should be no unemployment; government decides the type of schooling each citizen receives and where he/she will live.
Monopolysituation in which one company controls a market’s product; no competition; harmful to free enterprise systems; regulated by the U.S. government.
Collective Bargaining is the process of negotiations between employers, supervisors, and representatives of workers, like a union. Negotiations usually cover issues including wages, working hours, working conditions, safety, and benefits (such as health care, overtime, paid holidays, sick leave and maternity leave).
A Unionis an organization of workers, with elected officials, that represents them at their place of work.
Code of Ethicsset of written standards issued by an organization to assist its employees in conducting their actions in conformity with the organization's ethical values
Sole Proprietorshipbusiness owned and operated by one individual
Partnershiplegal agreement between two or more people to be responsible for a business
CorporationBusiness entity which is run by a board of directors
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