Franchise - a contractual agreement between a
parent company and a franchisee to distribute goods and services
Corporation - a form of business
... [Show More] ownership that is owned by stockholders who
have purchased units or shares of the company
Elastic Demand - demand that changes according to changes in price
Inelastic Demand - demand that is not affected by changes in price.
Unitary Demand - when sales remain the
same because changes in supply and demand are equal
Tort - a private wrongdoing that potentially harms another person or entity
Doctrine of Sovereign Immunity - the universally accepted principle that each nation has the right to manage its own government and develop
its own laws.
Job Enlargement - combining different tasks into one position
Job Rotation - moving from one job to another job within an organization
Specialization by Trade - the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting.
Frictional Unemployment - occurs because there are always workers who are in transition
Structural Unemployment - when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills
Cyclical Employment - result of changes in the economic and business cycles
Wage Garnishments - court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization
Embezzlement - theft of valuables that have been entrusted to another's care
Securities Fraud - the use of misleading sales tactics to persuade investors to purchase securities
Espionage - revealing confidential information without the source or owner's permission and is often associated with spying
Variety-seeking Buying Behavior - involves the purchase of routine items
Brand-insistence Buying Behavior - buyer will not buy anything other than a specific
brand or product
Automation - involves the use of machines to carry out production tasks
Ergonomics - the study of the use of equipment or technology and
its effects on workers' physical well-being
Innovation - taking action to make the idea, item, or process available for consumers to use
Business-format Franchise - involves a close,continuous, working relationship between the franchisor and the franchisee
Customer Complaints - related to the business's policies and procedures
Consumer Products - economic goods and services that are purchased and used by the ultimate consumer
Capital Products - purchased by businesses for use in their operations
Communist Command Economy - capital for business investment is provided
by the government, which obtains it by taking the profits of businesses it owns and by levying taxes
Traditional Economy - people produce only what they must have in order to exist
Market Economy (Free Enterprise) - means of production and distribution are owned and controlled by individuals and businesses
Operating Expenses - costs of running the business
Gross Domestic Product - final market value of the total output of all goods and
services produced within a country's geographic boundaries during a year's time
Federal Reserve Banks - used by local banks to protect their banking functions; do not provide protection for local property
Tact - the ability to express your ideas and opinions so that they do not hurt or offend others [Show Less]