Business 3 Flashcards
Management
Includes planning, organizing and controlling all business activities
Production
The process of converting a businesses resources into goods and services
Human resource
All the activities linked to keeping track of the employees, including hiring, firing, developing and rewarding
Finance
Managing the money coming in and going out is the responsibility of this department
Marketing
All the activities need to get the product to your customers, including pricing, promotion and distribution
Four functions of management
Planning organizing controlling leading
How do managers achieve their companies goals?
By using the companies resources in the most efficient and profitable manner
What is a technical skill?
Ability to perform job specific task tasks
What is a conceptual skill?
Ability to analyze and diagnose complex situations
What is a human skill?
Ability to work well with individuals or groups
Given an example of an autocratic leader
When a leader makes decisions on their own with the expectations that the employees will obey the order without complaining
Give an example of a laissez-faire leader
When a leader lets employees make decisions and solve problems and provide little direction
Give an example of a democratic leader
When a manager consult employees before making decision decisions and keeps them informed about things that impact them
What is employee turnover?
The rate at which employees leave a company for another job or two retire
What is the current minimum wage?
$17.20
