Unit 5-Business Fundamentals

a business owned and operated by one person

the process of creating, expanding, manufacturing, or improving goods and services

tangible items of monetary value that satisfy needs and wants

struggle b/t comp. to attract new customers, keep existing ones,&take away customers from other

first level of mgt in a business, responsible for work of employees & non-management duties

Est. of a time frame in which to achieve a goal, assign employees& determine a method for work.

output per worker hour that is measured over a period of time, such as week,month or year

process of setting standards and evaluating performance

a wide range of activities designed for improving team performance.

person who has control or direction of an institution, business, etc

outlawed contracts & agreements that would limit trade or competition in interstate commerce. 

assembly process that makes a large number of identical products using a continuous procedure

list of times of departures and arrivals

a legally recognized organization designed to provide goods, services, or both to consumers

A business function that involves money management

people who create, launch, organize, & manage a  business & take the risk of business ownership

accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort

planning, pricing, promoting, selling, & distributing products to satisfy customers' need/wants

Intangible items of monetary value that satisfy needs and wants.

business function of planning, organizing, &controlling all resources to achieve company goals

Evaluating the work of employees and improving performance through training and development.

the process of setting goals and determining how to reach them

An amount produced or manufactured during a certain time

legal entity created by a state or federal statute authorizing indv. to operate an enterprise

legal agreement b/t 2 or more people to be responsible for success or failure of a business

legal agreement to sell a parent company's product or services in a designated geographic area