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18 Cards in this Set
- Front
- Back
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Cultural Diversity represents... |
the differences between people in a workforce |
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The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs is called...... |
Business |
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Raw materials, buildings, and machinery are ____ resources. |
material |
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____ resources include the funds needed to pay wages, purchase raw materials, and operate a business |
financial |
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____ resources are the individuals who provide labor for an organization in exchange for wages. |
Human |
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___ is the study of how wealth is created and distributed |
economics |
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Microeconomics is the study of _____ |
the decisions made by individual |
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Matt Newell, a former Air Force pilot, decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains. He obtains a loan to ensure that the necessary land, facilities, advertising, and five helicopters are available for his business. What important factor of production has he overlooked in creating his business? |
labor |
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For Starbucks Coffee, managers and employees would be _____ |
labor |
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According to economists, natural resources, labor, capital, and entrepreneurship are called _____. |
factors of production |
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The measure of the average amount of output per worker per hour that is used evaluate the performance of an economic system is called |
production |
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System of business, in which individuals decide what to produce, how to produce it, and at what price to sell it |
free enterprise |
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4 functions of being a manager... |
1. planning 2. organizing 3. leading and motivating 4. controlling |
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4 skills a manager must obtain |
interpersonal skills, analytic skills, technical skils, and conceptual skills. |
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Ability to deal effectively with individual employees, other managers within a firm, and people outside the firm |
interpersonal skills |
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ability to identify problems correctly, generate reasonable alternatives and select "best" alternatives to solve problems. |
analytic skills |
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required to accomplish specific kinds of work being done in an organization. Although managers may not actually perform technical tasks, they should be able to train employees and answer technical questions. |
technical skills |
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ability to think in abstract terms in order to see the "big picture". these skills help managers understand how the various parts of an org. or an idea can fit together |
conceptual skills |
