Ch 2- The Character Of The Market

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Ch 2- The Character Of The Market

Something that is required to live.

An unfulfilled consumer desire.

The economic condition caused by unlimited needs and wants but limited resources to fill those needs and wants.

People who choose to spend resources on goods and services intended for personal use and not for manufacture or resale.

Individuals or companies who create valued products and exchange these products with consumers for scarce resources (money).

The resources of labor, capital, land, and entrepreneurship used to produce goods and services that consumers want.

A factor of production that refers to human effort, or work.

A factor of production that includes those items necessary to produce goods and services such as buildings, tools, and machines.

A factor of production that includes the ground itself, as well as natural resources, such as water and minerals, used in production.

A factor of production that refers to the ability to envision new opportunities and undertake them.

Someone who organizes the start-up and takes the risks necessary to get a business started.

The amount of satisfaction a person gets from using a product or service.

An organization that uses labor, capital, land, and entrepreneurship to produce goods and services at a profit.

A time of higher incomes, increased production and lower unemployment. Job opportunities abound during this period.

A time of increasing unemployment, when consumers decrease their spending and businesses have fewer opportunities to sell their products. Job opportunities are scarce during this period.

Occurs when employment and business opportunities begin to increase again and consumers start spending more money.

A good that is bought in the United States but produced abroad.

Goods produced in this country and sold abroad.

Using people, material resources and technology to get an organization’s work done.

Theory X – A management style theory that assumes that employees dislike work, need direction and must be coerced or controlled into working. This theory has a negative view of employees.

Theory Y – A management style theory that assumes people do not inherently dislike work but view it as a part of life and can become committed to organizational objectives. This theory has a more positive view of employees.

Theory Z – A management style theory that assumes people are committed to their jobs and can work together effectively. Managers with this style focus on the organization and long-term employment. This theory has a very positive view of employees.

Human Resources – A management movement that stresses the importance of relationships in organizations.

Interpersonal Role – Involves gathering relevant information and making it available to employees.

Top Managers are not considered a Level of Management.

Economics is considered to be a social science.

Businesses are expected to be good citizens, pay taxes and not contribute to causes that are important to the community.

Business cycles describe periods of prosperity, revision and recycle in the economy.

In providing value to consumers, businesses must not focus on offering quality goods and services but rather making the most money possible.

Managers perform four main functions, which is NOT one of those functions:

Businesses will face many challenges in the new century, including:

A management style that assumes top-level management has most of the responsibility. Employees are motivated to work by threats of job loss or pay cuts.

A contemporary management perspective that suggests that managers must respond to the environment and that there is not one single correct way to manage an organization.

A management style that assumes managers hold the responsibility within the organization. Employees are motivated to work through rewards.

A management style that assumes that managers have confidence in subordinates. Employees help set organization goals, and communication and teamwork are highly valued. Likert considered this management style to be the most effective.

A management style that assumes managers have some trust in the abilities of subordinates. Employees are motivated by rewards and are allowed some involvement in the organization.

Which is a Factor of Production?

A management model that uses mathematical models and computer simulations to represent systems or processes within organizations is:

Interacting with others, communicating with employees and coordinating with other departments in the organization is which type of Managerial Role:

Involves gathering relevant information and making it available to employees is which type of Managerial Role:

Involves making decisions, such as allocating resources and hiring employees is which type of Managerial Role:

Mid-level managers who implement the plans and decisions made by the top managers are called:

Management perspective that emerged out of the Industrial Revolution in the late 19th and early 20th centuries; includes scientific management and administrative management is what type of Perspective:

A management perspective that emerged out of the Great Depression of the 1930’s; it focused on the behaviors of individuals in the workplace and the ways managers could effectively motivate employees is what type of Perspective:

Management perspective that emerged after World War II; it focused on techniques such as mathematical models for management is what type of Perspective:

Which type of Perspective recognizes that there is no single right way to manage an organization?

Which Theory did William Ouchi propose?

Which Theory did Douglas McGregor define?

Inflation refers to:

Income refers to:

Management perspective that emerged out of the Industrial Revolution in the late 19^th and early 20^th centuries; includes scientific management and administrative management is what type of Perspective: