Business vocab from Ch 1
Terms
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- Business
- those organizations that try to create value for the customer.
- Profit
- The difference between revenue (income or sales) and expenditure )cost of goods or services lost).
- Not for profit organizations
- primary objective is to provide goods and services to society without the goal of making a profit.
- factory system
- method of mass production in which raw materials, machinery, and labor are brought together to produce goods less expensively than in dispersed locations.
- specialization of labor
- grouping employees to work on assignment tasks on basis of specific skills and factory demand
- laissez-faire
- system followed by the nation at that time
- market domination
- strategy of either aquring competitors or colluding with them to control product prices and precent new competitors from entering the market.
- antitrust policies
- government laws designed to break up monopolies ad control monopoly abuses by business.
- globalization
- the process for intergrating the market for goods and services worldwide
- new economy
- an economy largely driven by developments in information technology and the internet.