Business

Since business is the economic activity of individuals, corporations, partnerships, and other non-state entities, one might reasonably say that, in a market system, business not only drives the...

A company profile is just what the name implies. It is a document explaining what your company is and what you do. It is a public-facing document, so one should take care to not include any...

In its most basic terms, the Dunlop Systems Theory in Industrial Relations is about the structure and development of relationships among the three integral members of labor relations (labor,...

The political environment of business refers to the political or government actions that impact business operations. The political factors usually go hand in hand with the legal ones and are...

Economic decisions are those decisions in which people (or families or countries) have to choose what to do in a condition of scarcity. Scarcity occurs because people have unlimited wants but only...

Privatization is the transfer or sale of government-owned assets/institutions to the private sector. Advantages Privatization is most of the time associated with improved efficiency due to the...

Graphs and charts provide major benefits. First, they can quickly provide information related to trends and comparisons by allowing for a global view of the data. It also allows members of the...

We study "ethics" because society cannot function without a series of commonly-accepted moral codes that define boundaries of acceptable behavior. We also study ethics because there is not always a...

A free market economy has two key advantages. First, it allows for individuals to innovate. Individuals have the freedom to create new ideas, new products, and new services to sell for profit. They...

In business, regionalization is a business strategy frequently employed by globalized companies to compensate for some of the problems raised by globalization. Globalization means the...

A positioning map is a type of visual that allows marketers to compare their product or service with those of their competitors. If you are looking to create a positioning map, one of the best ways...

Entrepreneurship involves the development of a business around an innovative idea, with the aim of regional or international growth. The entrepreneur in this case will need to find avenues to...

There are five dimensions of the business environment that influence many firms. These dimensions include the economic environment, the social environment, the political environment, the legal...

Environmental uncertainty is when conditions are constantly changing within a business environment. As a result, management has little influence over factors that are outside of the company’s...

A free market, or market, economy is one which allows the market to do as it pleases and essentially lets the science of economics dictate how business perform. A market economy was much more...

One advantage is that Nike is an internationally known brand and can thus sell shoes all over the world. Nike also can keep labor costs down by using laborers in the developing world—this allows...

The best way to think of the difference between travel and tourism is one is part of the other but this did does not mean that they are the same. In short, tourism is a part of travel, but not all...

True. The trial balance uses the double entry system, which means that debits have to balance with the credits. False. Liability accounts have credit balances. True. True. False. The trial balance...

Supply and demand go hand in hand and are very intrinsically linked. Usually, assuming everything else remains the same, a rise in one causes a rise in the other. If, however, they both rise at the...

The price elasticity refers to the degree of responsiveness of demand as a result of a change in price. The price elasticity of demand is important to firms because it helps them in pricing their...

The primary monopolies in India are government monopolies of utilities and transportation. One specific example is the government monopoly of rail transportation through Indian Railway: Lifeline to...

The average cost curve is u-shaped because costs reduce as you increase the output, up to a certain optimal point. From there, the costs begin rising as you increase the output. To understand why...

The marketing concept asserts that businesses are required to focus on the consumers' needs and wants so they can offer products or services that will satisfy these needs better than the...

When establishing a product mix, a business must decide where it places itself in terms of its target market. Does it want to compete to be the best-priced product, or the most luxurious, for...

Kappa Omicron Nu, a collegiate honors society, describes professionalism as the feeling of support an individual has for their chosen profession or an individual’s ability to positively represent...

Distinctive competence refers to the core skills and practices that increase the competitiveness of an organization and make it different from its competitors. An organization's competitors cannot...

Major branded hotel chains have the choice of standardizing their offerings across the brand or of letting individual properties customize their offerings to meet the needs of local markets. The...

Globalization affects you and me, and essentially, all citizens of the world in five main ways: 1. It gives people more access to an even broader set of products and services With laws and...

Direct materials are those that are used directly in the production process and are reflected in the final product. For example, timber would be a direct material in the production of furniture. In...

There is a difference between business administration and public administration. A person who specializes in business administration will focus on the operation of a business. This is often in the...

Efficiency involves using the least amount of resources in order to achieve the greatest results. Scheduling tools that measure the number of people needed to service the customers in a store is...

Managers are very dependent upon planning in order to get the most out of their business unit. They use planning in human resources in order to ensure enough employees are there to run the...

In business, authority and responsibility need to be aligned appropriately, with the person responsible for certain outcomes having the authority to make them happen. Authority refers to the...

A business entrepreneur is any individual who starts and operates a business while assuming the risks associated with any such venture (e.g., using one's own collateral in exchange for start-up...

The difference between a method and a procedure is similar to the difference between strategy and tactics, in that the two are often confused, and understandably so. Perhaps the easiest way to...

Someone with good listening habits pays full attention to the speaker and asks follow-up questions to indicate that she is listening. In addition, the listener does not interrupt and resists the...

The fishbone diagram was designed by Japanese quality control expert Kaoru Ishikawa. His purpose was to provide a means of identifying underlying causes of problems so that solutions were not...

Trade refers to the buying and selling of goods and services, facilitated by a medium of exchange, such as money. When goods and services are exchanged for other goods and services, without the use...

There is a difference between opened and closed environments in a management information system. In an open environment, the various components of an organization will communicate and share...

There is no overarching single reason for the migration of people to urban areas. In light of this, let me mentions a few reasons. First, if we use China as a test case, we can say that the mass...

Though the phrases are very similar in their external appearance, they hold different meanings. A change in quantity supplied is a simple phrase meaning the number of items you ordered has...

Behavior, output and input controls are managerial means of controlling job requirements and expectations and end results in terms of company objectives and production targets. Effectiveness of...

In some ways, this statement is true. Successful management entails the recruitment, training, and supervision of individuals chosen for tasks specifically tailored toward company goals, so in this...

Operations management involves managing business processes that occur during the conversion of inputs, which include raw materials and labor, into outputs in the form of goods and/or services. From...

The four steps in the control process are: Establishing Standards and Methods for Measuring Performance; Measuring the Performance; Determination of Whether the Performance Matches the Standard,...

Looking at this from an accounting perspective, which I’m assuming you mean as this is listed under the ‘Business’ topic and you speak of balance sheets, we can see distinct differences between...

In today’s business world, a business must be both effective and efficient. It would be very difficult to be successful if only one of these conditions was present. In order to maximize profits, a...

Indifference curves are downward in slope. An indifference curve measures the value a consumer receives from the consumption of two different products. If the level of satisfaction is high for the...

Americans call a "pay-in slip" a "deposit slip." This is a preprinted form which is the size of a standard check and typically comes in the back of the checkbook. It has the customer's name and...

A project is defined as a temporary activity aimed at achieving specific/narrow organization objectives. Programs, on the other hand, are organization activities aimed at achieving broader...