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196 Cards in this Set
- Front
- Back
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risk
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investing can make your money grow, but it can also make you lose money
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stocks
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a type of investment in which people give companies money in exchange for shares
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share
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represents a piece of a company
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stockholder/shareholder
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people who own shares of stock in a company put money into a fund, which then invests into different stocks
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bonds
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investments in which people loan money to an issuer for a period of time, the money is then paid back with interest
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interest rate
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the amount of money that the back pays someone with a savings account
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invest
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to put money into something, such as a company, in the hopes of getting more money later on
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matures
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is due to be paid back
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mutual fund
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an investment company that invests peoples money in a group of stocks
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constitution
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document that establishes the government of a nation or a state. a constitution defines how the government is to be organized and the extent of its powers and responsibilities. a constitution can also serve to protect individual liberties
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statute
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Federal or state law enacted by elected members of the legislature
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case law
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law created by the judiciary as a result of interpreting existing laws
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administrative law
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law created by administrative agencies, including regulations, policies and procedures, hearings and appeals heard by the agencies
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legally binding contract
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a contact agreement that is valid under state and federal contact laws
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patent system
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an arrangement that protects inventor from having someone else clarion their ideas and inventions as his or her own
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capital
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material resources used to grow businesses
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free enterprise system
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people are free to make their own economic decisions
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sole proprietorship
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a business that had only 1 owner it is the simplest form of business organization because usually only one person makes the decisiond and manages the business (single owner business)
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partnership
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a form of business organization where 2 or more people go into business together. share everything as well as profits and debts
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limited partners
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(silent partners) invest money ot property into a business but do not work in the business. they receive a certain percentage of the profits.
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corporation
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a business owned by many people. formed by selling portions or shares of a business that are called stocks
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limited liability
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stock holders are only liable for the amount they invest
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nature of law
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law is a unique social political phenomenon, with more or less universal characteristics that can be discerned through philosophical analysis. meant to be universal. law is the only normative domain in our culture morality religion social conventions etiquette etc.
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judicial Branch
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oversees the court cases of the us through court cases. the judicial Branch explains the meaning of the constitution and laws passed by congress. supreme Court is the head of the judicial Branch
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legally binding
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the parties must obey the terms written in the contract and perform their contract duties as stated. failure to do so can result in legal consequences such as a damages award
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legal procedure
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our rights and obligations as citizens it provides the means for enforcing those rights and obligations fairly and effectively. the where when and how legal action is to be started conducted and carried to a conclusion
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environmental law
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a complex combination of state, federal, and international treaty law pertaining to issues of concern to the environment and protecting natural resources
ex: safe drinking water act, food quality protection act. etc |
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administrative law
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Branch of law governing the creation and operation of administrative agencies. of special importance are the powers granted to administrative agencies, the substantive rules that such agencies make, and the legal relationships between such agencies, other government bodies, and the public at large
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administrative law
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branch of law governing the creation and operation of administrative agencies. of special importance are the powers granted to administrative agencies. the substantive rules that such agencies make and the legal relationships between such agencies other government bodies and the public
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service orientation
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the ability and desire to anticipate recognize and meet others needs sometimes even before those needs are articulated. service orientated people focus on providing satisfaction and making themselves available to others
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customer inquiries
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a customers request to a company that they provide a quotation or sales information without obligation. an inquiry can relate to materials or services, conditions and if necessary delivery dates. the sales area that accepts the inquiry becomes responsible for further processing
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communication
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the imparting or exchanging of news. the connection between 2 or more
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customer relationship management
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(build 1 on 1 relationships with the customer to form loyalty and profitability) a term that refers to practices strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer life cycle, with the goal of improving business relationships with customers, assisting in customer retention and driving asked growth. CRM systems are designed to compile information on customers across different channels-or points of contact between the customer and the company
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ethics
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(moral philosophy) branch of philosophy that involves systematizing, defending and recommending concepts of right and wrong conduct
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technology
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which could include the companies website, telephone, live chat. direct email, marketing materials and social media. CRM systems can also give customer facing staff detailed information on customers personal information, purchase history, buying preferences and concerns
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marketing
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promotion, selling, distribution of goods and services. the purpose is to persuade customers to buy the products or services and become repeat customers
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financing
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involves keeping records of accounts, paying debts , collecting payments from customers ,handling there payroll ,and paying taxes
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economics
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is the social science that studies economic activity to gain an understanding of the processes that govern that production, distribution and consumption of goods and services in an economy
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economic good
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a good or service that has a benefit (utility) to society. also have a degree of scarcity and therefore an opportunity cost.
ex: food, makeup, shoes, tv |
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economic services
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intangible commodity
ex: haircut, movies boat ride, taxi ride |
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economic activity
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actions that involve the production, distribution and consumption of goods and services at all levels within a society. Gross domestic product or GDP is one way of assessing economic activity and the degree of current economic activities and forecasts for its future level can significantly impact business activity and profits as well as inflation as interest rates
ex: stock market |
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economic resource
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The factors used in producing goods or providing services in other words they are the inputs that are used to create things are hope you provide services. economic resources can be divided into human resources such as labor and management and non human resources such as land capital goods financial resources and technology
ex: land, capital, labor |
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economic utility
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ability of a good or service to satisfy one or more needs or wants of a consumer
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business activities
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Any activity that is engaged in for the primary purpose of making a profit business activities can include things like operations marketing production and administration
also known as business operations |
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supply
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Represents how much the market can offer. the quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. the correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. price therefore is a reflection of supply and demand
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demand |
refers to how much (quantity) of a product or service is desired by buyers. the quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationships |
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organizational design
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A management achieves the right combination of differentiation and integration of the organization's operations, in response to level of uncertainty in its external environment. differentiation refers to the subdivision of functional or departmental units, each concentrating on a particular aspect of the organizations operations. integration refers to the linking of differentiated units to achieve unity of effort in working toward organizations goals. in times of high uncertainty, greater organizational effectiveness is achieved through high differention coupled with high integration. in times of low uncertainty, low differentiation and low integration are more effective
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political factors
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are governmental activities and political conditions that may affect your business.
ex: law, regulations, tariffs, trade barriers, war and social unrest |
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macroeconomics
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are factors that affect the entire economy, not just your business.
ex: interest rates, unemployment rates, currency exchange rates, recessions, depressions |
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microeconomic factors
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are factors that affect your business
ex: market size, demand, supply, relationships with suppliers and distribution chain, such as retail stores that sell your products and the number and strength of your competition |
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business ethics
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the study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities. business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance
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private enterprise
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basis of a free market capitalist system, it is a business un- established, owned, and operated by private individuals for profit, instead of by or for any government or its agencies
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competition
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in biology, ecology, and sociology, is a contest between organisms, animals, individuals, groups, etc. for territory, niche, or a location of resources, for resources and goods, mates, for prestige, recognition, awards, or groups or social status, for leadership
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taxes
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purpose is to pay taxes for government to function and pay for things
ex: pay state tax of Pennsylvania so they can do maintenance on the turnpike |
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productivity
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the quality, state, or fact of being able to generate, create, enhance, or bring forth goods and services
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organized labor
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an association of workers united as a single, representative entity for the purpose of improving the workers economic status and working conditions through collective bargaining with employers.
ex: unions |
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law of diminishing returns
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an economic principle that states that as investment in a single goal increases, while all other variables remain constant, the return on investment will eventually decline
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Gross Domestic Product (GDP)
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is one of the primary indicators used to gauge the health of a countries economy. it represents the total dollar value of all goods and services produced over a specific time period. you can think of its size of the economy. usually GDP is expressed as a comparison to the previous quarter or year.
ex: if the year to year GDP is up to 3%, this I'd thought to mean that the economy has grown by 3% over the last year |
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inflation
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sustained rapid increase in prices
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business cycles
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is the downward and upward movement of levels of GDP and refers to the period of expansions and contractions in the level of economic activities (business fluctuations) around it's long term growth trend
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global trade |
the exchange of goods and services across international boundaries. involves importing and exporting |
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exchange rates
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is one of the most important determinants of a country's relative level of economic health. exchange rates play a vital role in a countries level of trade, which if critical to most every free market economy in the world
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domestic economy
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internal local economy of that country
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cultural environment
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is a set of beliefs, practices, and customs and behaviors that are found to be common to everyone that is living within a certain population. cultural environments shape the way that every person develops, influencing ideologies and personalities. cultural environments are determined by the culmination of many different aspects of culture that influence personal choices and behaviors
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social environment
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the environment developed by humans as contrasted with the natural environment; society as a whole, especially in its relation to the individual
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ethical consideration
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An accumulation of values and principles that address questions of what is good or bad in human affairs. ethics searches for reasons for acting or refraining from acting; for approving or not approving conduct; for believing or denying something about virtuous or vicious conduct or good or evil rules
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assertiveness
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is the quality of being self assured and confident without being aggressive. in the field of psychology and psychotherapy,it is a learnable skill and mode of communication
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time value of money
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the idea that money available at the present time is worth more than the same amount in the future due to it's potential earning capacity. this core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received
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credit score
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a number assigned to a person to a person that indicates to lenders their capacity to repay a loan
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tax liabilities
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The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. a tax liability is a legal claim on assets. should an entity default on paying its taxes, the governing authority may foreclose on the delinquent account, or take out a lein or encumbrance on an asset
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reconciliation
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reviews the income and expenses and compares what the bank has recorded compared with what you have recorded in your checkbook or shunting program
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W2
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a form of summarization of your earnings for the entire year
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1040EZ form
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simplest individual tax return form, due by April 15th
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risk management
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The identification, assessment, and priorization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and /or impact of unfortunate events or to maximize the realization of opportunities
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accounting
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the action or process to keep financial accounts
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legal considerations
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debating if you need a lawyer or not
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legal considerations
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is the concept of legal value in connection with contracts. it is anything of value promised to another when making a contract. it can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more.
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cash flow statement
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a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financial activities
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balance sheet
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a financial statement that summarizes a company's assets, liabilities and shareholders equity at a specific point in time. these three balance sheet segments give investors an idea as to what the company owns and owes as well add the amount invested by the shareholders
ex:assets=liabilities+shareholders equity |
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income statement
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A financial statement that measures a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non operating activities. it also shows the net profit or loss incurred over a specific accounting period. Typically over a fiscal quarter or year
known as---profit and loss statement ---statement of revenue and expenses |
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budget
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an estimate of income and expenditure for a set period of time. a set quantity or amount of money to be used
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human resource management
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is a function in organizations designed to maximize employee performance in service of their employers strategic objectives. HR is primarily concerned with how people are managed within organizations, focusing on policies and systems
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information management
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is the collection and management of information from one or more sources and the distribution of that information to one or more audiences. this sometimes involves those who have a stake in, it a right to that information. management means the organization of and control over the structure, processing and delivery of information
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information systems
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an academic study of the complementary networks of hardware and software that people and organizations use to collect, filter, process, create, and also distribute data. any specific information system aims to support operations, management and decision making
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business record
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a document that records a business dealing. business records include meeting minutes, memoranda, employment contracts, and accounting source documents. it must be retrievable at a later date so that the business dealings can be accurately reviewed as required
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internal records
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a system under which marketing information is stored and retrieved
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environmental scan
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careful monitoring of an organizations internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans. in comparison surveillance is confined to a specific objective or a narrow sector
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marketing functions
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pricing
product/service management distribution financing marketing information management selling promotion |
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operations
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monitor, plan, and control the day to day activities required for a business to continue functioning
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project management
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Is the application of knowledge, skills and techniques to execute projects effectively and efficiently. its strategic competency for organizations, enabling them to tie project results to business goals -thus better compete in their markets
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production
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the process and methods used to transform tangible inputs ( raw materials, semi finished goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services. resources are used in this process to create an output that if suitable for use or has exchange value
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operating costs
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expenses associated with administering a business on a day to day basis. operating costs include both fixed and variable costs. fixed costs such as overhead, remain the same regardless of the number of products produced;variable costs, such as materials, can vary according to hour much product is produced
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cost/expense control
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the practice of managing and or reducing business expenses. costs controls starts by the businesses identifying what their costs are and evaluate whether those costs are reasonable and affordable
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systematic behavior
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having, showing, or involving a system, method, or plan
concerned with classification |
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labor rights/workers rights
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are a group of legal rights and claimed human Rights having to do with labor relations between workers and their employers, usually obtained under labor and employment law. in general these rights debates have to do with negotiating workers pay, benefits, and safe working conditions
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management
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in business and organizations is the function that coordinates the effortd of people to accomplish goals and objectives using available resources efficiently and effectively
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Tort |
A wrongful act or an infringement of a right (other than under contract) leading to civil legal liability |
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Defamation |
The action of damaging the good reputation of someone (slander or libel) |
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Assault tort |
Acting intentionally |
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Intrusion tort |
An illegal act of entering seizing or taking possession of another's property |
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Fraud tort |
Intentional misrepresentation of material existing fact made by one person to another with knowledge of it's falsity |
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Punitive damages |
Damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit |
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Monetary gift |
Money, gift, reward |
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Concurrent |
Existing, happening, done at the same time |
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Inverted |
Changed, opposite |
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Chronological |
Record of events, starting with the earliest and following the order in which it occurred |
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Reverse |
Backward |
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Bar graph |
Visually represents a set of data |
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Pie chart |
Visual way of displaying data that might otherwise be given in a small table (looks like a pie) |
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Flowchart |
A diagram of a sequence of movements or actions of people or things involved in a complex system or activity |
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Geographic Map |
Map of earth/region |
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Executive summary |
A short document or section of a document produced for business purposes that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without reading it all |
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Table on content |
Help you find the names of the chapters of the book and the page number where each chapter begins |
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Appendices |
Secondary information that wouldn't have fitted with the text in the book |
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Conclusions |
An ending section which States the concluding ideas and concepts of the preceding writing |
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Mass communication |
The imparting or exchanging of info on a large scale to a wide range of people |
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Upward communication |
The process of information flowing from the lower levels of a hierarchy to the upper levels |
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Lateral communication |
Transmission of info between people. Divisions. Departments. Or units within the same level of organization hierachy |
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Downward communication |
Flow of info and messages from a high level inside an organization to a lower one |
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Formal communication |
Flows from other divisions. Branches. Levels. Hierarchy |
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Verbal communication |
Using speech that is understood by all parties. (Talking) not written |
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Customer advocacy |
Companies focus on what is best for the customer. It is a change in a company's culture that is supported by customer focused customer service and marketing techniques |
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Free advertising |
Attracting public attention to a product or business for free (reports. News. PR . radio. Word of mouth. Etc) |
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Relationship buying |
Direct response marketing campaigns which emphasizes customer retention and satisfaction rather than dominant focus on sales transactions |
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Public relations |
Relationship between public and a company or other organization or a famous person |
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Capital goods |
Goods that are used in producing v other goods. Rather than being bought by consumers |
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Scarcity |
Scarce in supply. Shortage |
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Conservation |
Preservation protection restoration |
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Opportunity costs |
The loss of potential gain from other alternatives when one alternative is chosen |
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Input maximization |
The short run or long run process by which a firm determines the price and output level that returns the greatest profit |
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Unit control |
Control of the amount |
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Absolute advantage |
The ability of a party (individual. Firm. Country) to produce more number of a good product or service than competitors using the same account of resources |
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Market position |
Occupy a market niche for a brand product or service utilizing traditional marketing placement strategies (price. Promotion. Distribution. Packaging. Competition) |
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Buying power |
They have the money to just buy and do instead of wait |
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Protectionism |
The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports |
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Free trade agreement |
Trade of goods without taxes (including tariffs) or other trade barriers (ex:quotas on imports or subsides for producers) trade in services without taxes or other trade barriers |
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Language barriers |
Difficulties faced when people who have no language in common attempt to communicate with each other |
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Business cycle |
The downward and upward movement of levels of GDP and refers to the period of expansions and contractions in the level of economic activities (business fluctuations) around it's long term growth trend |
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Remission |
The cancellation of a debt charge or penalty |
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Maturity |
On it's way to be good |
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Contraction |
Bad |
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Expansion |
Good |
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Traditional economic system |
Indian tribes taught their children how to Cook hunt make tools etc |
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Command economic system |
Government tells and orders you what to do |
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Market |
The resources of a country are owned and controlled by the people of the country. Rather than the government. It has little to no government involvement when determining prices |
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Transitional |
That is moving from bring a controlled economy to being an open economy |
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Market economy |
An economy in which the decisions regarding investment production and distribution are based on supply and demand and prices of goods and services are determined in a free price system |
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Excise tax |
Included with purchases (tax and gasoline) |
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Income tax |
Tax on income |
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Property tax |
Tax on property |
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Estate tax |
Tax on dead persons home |
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Cyclical |
When business cycles are at their peak cyclical unemployment well be low because total economic output is being maximized |
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Seasonal |
When people are unemployed at certain times of the year. Because they work in industries where they are not needed all year round |
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Frictional |
When people are unemployed at certain times of the year because they work in industries where they are not needed all year round |
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Structural |
Resulting from industrial reorganization, typically due to technological change rather than fluctuations in supply or demand |
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Neutral non verbal behavior |
Not showing emotion toward either side Ex: slamming door, throwing papers, grunts, etc |
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Problem solving techniques |
Defining the problem, generating alternatives, evaluating and selecting alternatives, implementing solutions |
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Positive relationship management |
Trust, mutual respect, mindfulness, welcoming diversity, open communication |
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Low self management skills |
Low confidence |
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Unwarranted criticism |
Not toward anyone specifically the criticizing |
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Generalization statements |
Broad statements that applies to many examples |
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Visualization boards |
Dream board, helps you focus and keep your mind on track of the future and goals |
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Aggressive attitudes |
Behavior that causes physical or emotional harm to others, or threatens too. It can range from verbal abuse to the destruction of a victims personal property. People with aggressive behavior tend to be irritable impulsive and restless |
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Diversity |
Family, status, education level |
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Emotional conflict |
The presence of different and opposing emotions relating to a situation that has recently taken place or is in the process of being unfolded |
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Functional conflict |
Prevention from moving forward on projects/tasks |
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Internal conflict |
Between yourself |
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Secondary conflict |
Between others |
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Adaptable |
Able to adjust between new conditions |
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Passive |
Accepting or allowing what happens or what others do without active response or resistance |
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Open endorsements |
Blank check, the endorser just puts their name but doesnt specify general check made by the endorser not saying who it is |
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Restrictive |
Ex: for deposit only Pay to the order of sample bank for deposit to account #xxx |
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Stock market |
Letting everyday people to own parts of businesses to earn money |
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Retail bank |
Direct execution of transactions between a bank and it's consumers, rather than with corporations or other banks. Services include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards |
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Retirement fund |
A common asset pool meant to generate stable growth over the long term and provide pensions for employees when they reach the end of their working years and commence retirement |
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Holding company |
A company created to buy and possess the shares of other companies which it then controls |
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Accounting computer software programs |
A class of computer software, or program that helps accounting professionals manage accounts and perform accounting operations. The simplest accounting programs sometimes called personal finance managers are single entry systems that automate tasks such as check worrying and record keeping Double entry systems include functions for general ledger, accounts receivable, and accounts payable. More sophisticated systems also support functions for payroll inventory invoicing and fixed assets. some high end systems even support sales analysis and time billing |
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Cash outflows |
The total outgoing funds from a company in a given period of time. Includes expenses such as : salaries. Supplies. Maintenance. Passing dividends. Servicing any debt held by the company |
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Touch points |
Any point of contact between buyer and seller.
Describes the interface of a product service or brand with costumers /users.non customers. Employees. Stakeholders. Before during and after transactions. Business to business/ business to customer |
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Internet connection |
To be connected to the internet |
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Operating system |
Software that manages computer hardware and software resources and provides common services for computer programming. Essential component. Helps function |
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Search engine mechanism |
To help you find the web page with the info you need. Key words. Related sites of interest. Etc |
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Task toolbar |
To provide the user with an easy way of opening and managing programs installed on their computer |
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Benefits of internet |
Updated, compare prices, clear product information, track purchase/delivery date, reduction in carbon footprint, 24/7 shopping |
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Importance of business's to follow local health care ordinances |
Reduce risk of widespread illness |
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Process innovation |
The implemention of a new or significantly improved production or delivery method |
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Distributed innovation |
Open research pool collaborated |
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Positioning innovation |
New ways of use |
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Passive words |
Negative |
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Action |
Positive |
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Vague words |
Short not in depth or detail |
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Jargon |
Slang |
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Technical competence |
Ability to perform the activities within an occupation to a defined standard, consistently and over time |
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Interpersonal skills |
Life skills we use everyday to communicate and interact with other people, both individually and in groups |
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Conceptual skills |
Analyze and understand complicated and abstract ideas see the interrelationships between divisions, and to understand how the firm fits into and affects it's overall environment |
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Innovative skills |
New ways of thinking/creativity |
