• Chapter Fifteen Money and the Financial SystemChapter Fifteen Money and the Financial System

    The Functions of Money Medium of Exchange: Accepted as payment for products and resources. Measure of Value: Single standard for assigning and comparing values of products and resources. Store of Value: Means of retaining and accumulating wealth.

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  • Chapter Fourteen Accounting and Financial StatementsChapter Fourteen Accounting and Financial Statements

    The Nature of Accounting The recording, measurement, and interpretation of financial information, often used in making business decisions. Types of Accountants Public Accountant An independent professional who provides accounting services to the public (individuals or firms) for a fee. A Certified Public Account (CPA) is an individual who has ...

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  • Chapter Thirteen Dimensions of Marketing StrategyChapter Thirteen Dimensions of Marketing Strategy

    The Key to Successful Marketing Strategy The Right Marketing Mix to Satisfy the Customer: The Right Product The Right Promotion The Right Price The Right Distribution

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  • Chapter Twelve Customer-Driven MarketingChapter Twelve Customer-Driven Marketing

    Marketing is an Exchange Relationship Exchange: The act of giving up something (money, credit, labor, goods) in return for something else (goods, services, or ideas).

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  • Chapter Eleven Managing Human ResourcesChapter Eleven Managing Human Resources

    The Nature of Human Resources Management (HRM) HRM: All activities involved in determining an organization’s human resource needs, as well as acquiring, training, and compensating people to fill those needs.

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  • Chapter Ten Motivating the WorkforceChapter Ten Motivating the Workforce

    Human Relations The study of the behavior of individuals and groups in organizational settings. The Nature of HR Motivation The inner drive that directs a person’s behavior toward goals. Morale An employee’s attitude toward his or her job, employer, and colleagues.

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  • Chapter Nine Production and Operations ManagementChapter Nine Production and Operations Management

    Operations Management (OM) The development and administration of the activities involved in transforming resources into goods and services. Key OM Terms Manufacturing The activities and processes used in making tangible products; also called production Operations The activities and processes used in making both tangible and intangible product...

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  • Chapter Eight Organization, Teamwork, and CommunicationChapter Eight Organization, Teamwork, and Communication

    Issues in Developing an Organization The Right Structure Necessary Areas of Specialization Degree of Departmentalization

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  • Chapter Seven The Nature of ManagementChapter Seven The Nature of Management

    Managers Individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, leading, and controlling the organization’s activities to reach its objectives.

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  • Chapter Six Small Business, Entrepreneurship, and FranchisingChapter Six Small Business, Entrepreneurship, and Franchising

    Entrepreneurship and Small Business Entrepreneurship The process of creating and managing a business to achieve a desired objective. Small Business Any independently owned and operated business that is not dominant in its competitive area and employs fewer than 500 people.

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