Page 683 - Introduction to Business

GLOSSARY G-9

goals The aims that guide the future direction of a firm (Ch 4) oping employees to their full potential, and controlling
goal-seeking analysis A modeling activity in a decision- personnel policies and programs (Ch 17)
support system where a target for a variable or variables of human resources managers Managers who manage the
interest is set and then the values of other variables are people part of an organization (Ch 5)
changed until the target is achieved (Ch 17) hybrid strategy A strategy that combines the chase and level
gold standard Backing of money with gold at a fixed exchange strategies in different degrees (Ch 16)
rate per ounce of gold (Ch 14) hygiene factors Factors that influence the work environment
golden parachute agreements Severance payment agree- which determine job dissatisfaction (Ch 7)
ments, often fairly lucrative, to be received by corporate hypertext transfer protocol (http) A communications stan-
executives if their corporation is acquired (Ch 3) dard used to transfer webpages on the World Wide
good faith bargaining The duty of employers and unions to Web (Ch 18)
bargain with each other honestly (Ch 6) hypothesis Marketing researchers’ idea as to what is the cause
government expenditure The amount spent by the govern- of a problem (Ch 8)
ment; The purchase of goods and services by government
to serve the needs of the general public (Ch 1; Ch 2) imperfect competition The industry market structure where
government markets Local, state, and federal purchasers of the industry’s output of goods or services is supplied by a
goods and products (Ch 8) relatively small number of firms and price is largely deter-
gross domestic product (GDP) The total dollar value of all mined by market forces (Ch 1)
final goods and services produced each year within a implicit warranty An unwritten or unspoken warranty that
country’s borders (Ch 1) exists because the Universal Product Code says that all
gross national income (GNI) The expenditures that make up goods are at least fit for the ordinary purpose for which
GNP and are equal to the income that the factors of pro- they are used (Ch 9)
duction (land, labor, capital, and technology) receive imports Goods or services that are purchased from abroad
(Ch 1) (Ch 2)
gross national product (GNP) The value of all final goods and incentives Rewards offered to retail salespeople or consumers
services produced in an economy and measured at cur- for specified performance (Ch 10)
rent prices over a given time period, usually a year (Ch 1) income statement The accounting report that shows the
growth stage The second stage of the product life cycle in firm’s revenues, expenses, and net income or net loss for a
which revenues increase rapidly and profits are maxi- period (Ch 12)
mized (Ch 9) income stocks Stocks that offer little opportunity for capital
growth stocks Stocks that provide low, if any, dividends, but appreciation but provide relatively high dividends (Ch 15)
do offer potential long-term capital appreciation (Ch 15) incomes policies Strategies based on wage and price controls
that are used by governments to curb inflation and at the
hard currencies Currencies that are relatively stable in value, same time maintain employment and keep economic
are issued by large industrial countries, and include the output stable (Ch 2)
U.S. dollar, Japanese yen, European euro, and British in-control production system The production system where
pound sterling (Ch 14) products produced exhibit normal variations (Ch 16)
Hawthorne effect The principle that when employees are increasing shareholder wealth Increasing dividends and
given autonomy to control their work environment, they stock prices (Ch 1)
become more motivated, and this has a positive impact on independent outside directors Outside directors who do not
employee morale, job satisfaction, and productivity (Ch 7) have any financial or other relationship with the corpora-
Hawthorne Studies Studies conducted by a group of engi- tion beyond their service as a director (Ch 3)
neers at the Hawthorne plant of Western Electric independently wealthy Having enough money so that it is no
Company in Chicago in 1925 to determine the impact of longer necessary to work to pay for living expenses (Ch 15)
changing light intensity on worker productivity (Ch 7) industrial distributors Wholesalers that handle industrial
health insurance Protection offered by insurance companies products and may specialize in a limited line of products
against the high costs of medical treatment, such as doctor and markets to which the products are sold (Ch 10)
and dentist visits, vision care, prescription drugs, and inelastic demand A combination of prices and quantities for a
major medical procedures (Ch 4) product that indicates that the market is not very respon-
Herzberg’s motivation-hygiene theory The theory that job sive to prices (Ch 9)
satisfaction and dissatisfaction are not part of the same inflation The rate of price level increase in an economy from one
spectrum (Ch 7) period to another (monthly, quarterly, or annually) (Ch 2)
high-level languages Third-generation programming lan- information Data that have been transformed to be meaning-
guages that convert natural-language-like statements into ful and valuable to specific users (Ch 17)
machine language (Ch 17) information fragmentation The situation in a business
holding cost The cost resulting from keeping one unit in organization where the information does not reside in a
inventory for a given time period, usually a year (Ch 16) single repository, but instead is spread across functional
home business A small business that is operated out of a areas, business units, regions, factories, and offices (Ch 18)
household address, rather than out of a business office or information managers Managers who manage computer and
factory (Ch 4) other information systems within an organization (Ch 5)
human relations skills Abilities to get along and deal effec- information requirements The details of who needs what
tively with people (Ch 5) information, where, when, and how (Ch 17)
human resources information systems Information systems information system A system that converts data into informa-
that support planning for meeting personnel needs, devel- tion (Ch 17)

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