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| – Individuals in large firms who take responsibility for the development of innovations within the organizations |
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| The purchaser of a franchise |
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| The company that sells a franchise |
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| The process through which many small-business owners find entry into the business world |
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| A license to sell another’s products or to use another’s name in business, or both |
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| Persons or organizations that agree to provide some funds for a new business in exchange for an ownership interest or stock |
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| A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals |
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| The process of creating and managing a business to achieve desired objectives |
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| The purchase of one company by another, usually by buying its stock |
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| The combination of two companies (usually corporations) to form a new company |
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| . Limited Liability Company (LLC |
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| – A form of ownership that provides limited liability and taxations like a partnership but places fewer restrictions on members |
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| A corporation taxed as though it were a partnership with restrictions on shareholders |
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| A partnership established for a specific project or for a limited time |
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| A group of individuals, elected by the stockholders to oversee the general operation of the corporation, who set the corporation’s long-term objectives |
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| Corporations that focus on providing a service rather than earning a profit but are not owned by a government entity |
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| A legal entity, created by the state, whose assets and liabilities are separate from its owners |
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| A business organization that has at least one general partner, who assumes unlimited liability, and at least one limited partner, whose liability is limited to his or her investment in the business |
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| A form of business organization defined by the Uniform Partnership Act as “an association of two or more persons who carry on as co-owners of a business for profit” |
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| Businesses owned and operated by one individual; the most common form of business organization in the United States |
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Term
| Customer Relationship Management (CRM) |
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Definition
| Focuses on using information about customers to create strategies that develop and sustain desirable long-term customer relationships |
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| B2C (Business-to-Consumer) |
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Definition
| – Delivery of products and services directly to individual consumers through the Internet |
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| B2B (Business-to-Business) |
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| – Use of the Internet for transactions and communications between organizations |
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Term
| B2B (Business-to-Business) |
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| – Use of the Internet for transactions and communications between organizations |
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| – Carrying out the goals of business through utilization of the Internet |
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| – A network of computers similar to the internet that is available only to people inside an organization |
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| A collection of interconnected Web sites or pages of text, graphics audio, and video within the internet |
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| Global information system that links many computer networks together |
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| MIS (Management Information System |
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| Used for organizing and transmitting data into information that can be used for decision making |
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| Information Technology (IT) |
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Definition
| Processes and applications that create new methods to solve problems, perform tasks, and manage communication |
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| Globalization (Global Strategy) – |
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| A strategy that involves standardizing products (and as much as possible, their promotion and distribution) for the whole world, as if it were a single entity |
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| A partnership formed to create competitive advantage on a worldwide basis |
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Term
| W.T.O. (World Trade Organization |
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| – International organization dealing with the rules of trade between nations |
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| The difference between the flow of money into and out of a country |
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| The difference in value between a nation’s exports and its imports |
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| The purchase of goods and services from foreign sources |
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| The sale of goods and services to foreign markets |
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Definition
| The transferring of manufacturing or other tasks, such as data processing, to countries where labor and supplies are less expensive |
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| The basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost that it can produce other products |
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| The activities that independent individuals, groups, and organizations undertake to protect their rights as consumers |
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| The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their shareholders |
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| Formalized rules and standards that describe what a company expects of its employees |
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| The act of taking someone else’s work and presenting it as your own without mentioning the source |
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| A business’s obligation to maximize its positive impact and minimize its negative impact on society |
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| Principles and standards that determine acceptable conduct in business |
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| – An individual who risks his or her wealth, time, and effort to develop for profit an innovative product or way of doing something |
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Term
| GDP (Gross Domestic Product) |
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Definition
| The sum of all goods and services produced in a country during a year |
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| The number of products of goods and services that businesses are willing to sell at different prices at a specific time |
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| The number of goods and services that consumers are willing to buy at different prices at a specific time |
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Definition
| Pure capitalism, in which all economic decisions are made without government intervention |
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| Capitalism (or Free Enterprise |
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Definition
| An economic system in which individuals own and operate the majority of businesses that provide goods and services |
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Definition
| An economic system in which the government owns and operates basic industries but individuals own most businesses |
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Term
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| First described by Karl Marx as a society in which the people, without regard to class, own all the natural resources |
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| A description of how a particular society distributes its resources to provide goods and services |
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| The funds used to acquire the natural and human resources needed to provide products; also called capital |
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| The physical and mental abilities that people use to produce goods and services; also called labor |
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| Land, forests, minerals, water, and other things that are not made by people |
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| The study of how resources are distributed for the production of goods and services within a social system |
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| Groups that have a stake in the success and outcomes of a business |
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| – Individuals or organizations who try to earn a profit by providing products that satisfy people’s needs |
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