quarter 2 vocab

Inflation-is a rise in the general level of prices of goods and services in an economy over a period of time.

International Trade- is exchange of capital, goods, and services across international borders or territories.

Interstate Commerce Act-was a regulatory body in the United States created by the Interstate Commerce Act of 1887, which was signed into law by President Grover Cleveland.

Joint Venture-is an entity formed between two or more parties to undertake economic activity together.

Laissez-Faire Leadership Style-The Laissez Faire Leadership Style was first described Lewin, Lippitt, and White in 1938 along with the autocratic leadership and the democratic leadership styles.

Leadership-Leadership has a formal aspect (as in most political or business leadership, individual persons holding the title "manager") or an informal one (as in most friendships or team activities).

Leadership Style-Leadership style is the manner and approach of providing direction, implementing plans, and motivating people.

Line-and-staff-Delineation of organizational authority between management personnel (staff) having overall planning and direction responsibilities and operational personnel (line) having direct job performance responsibilities. Staff is advisory to the line function.

Management Funcitons-Management is creative problem solving. This creative problem solving is accomplished through four functions of management: planning, organizing, leading and controlling. The intended result is the use of an organization's resources in a way that accomplishes its mission and objectives.

Market Segmentation-this is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

Marketing Mix-The marketing mix is generally accepted as the use and specification of 'the four Ps' describing the strategic position of a product in the marketplace.

Marketing Research-Marketing research, or market research, is a form of business research and is generally divided into two categories: consumer market research and business-to-business (B2B) market research, which was previously known as industrial marketing research.

Mission Statement-The following elements can be included in a mission statement. Their sequence can be different. It is important, however, that some elements supporting the accomplishment of the mission be present and not just the mission as a "wish" or dream.

Nepotism-is the showing of favoritism toward relatives and friends, based upon that relationship, rather than on an objective evaluation of ability, meritocracy or suitability. For instance, offering employment to a relative, despite the fact that there are others who are better qualified and willing to perform the job.

Net Income-is equal to the income that a firm has after subtracting costs and expenses from the total revenue.

Oligopoly-is a market form in which a market or industry is dominated by a small number of sellers (oligopolists).

Organizational Chart-(often called organization chart or organigram(me) or organogram(me)) is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

Organizing-Anything is commonly considered organized when it looks like everything has a correct order of placement. But it's only ultimately organized if any element has no difference on time taken to find it. In that sense, organizing can also be defined as to place different objects in logical arrangement for better searching.

Occupational Safety and Health Act-(OSHA) is an agency of the United States Department of Labor. It was created by Congress under the Occupational Safety and Health Act, signed by President Richard M. Nixon, on December 29, 1970. Its mission is to prevent work-related injuries, illnesses, and deaths by issuing and enforcing rules (called standards) for workplace safety and health.

Planning-in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale.

Planning Tools-A device, such as a process map, that helps the team determine how to improve the existing process.

Product safety-The application of engineering and management principles, criteria, and techniques to achieve acceptable hazard risk, within the constraints of operational effectiveness, time, and cost, throughout all phases of the system life cycle.

Profits-The money you make off a product

Proprietorship-is a type of business entity which legally has no separate existence from its owner.

Pure Monopoly-A market in which one company has control over the entire market for a product, usually because of a barrier to entry such as a technology only available to that company.