Basic Business Concepts Vocabulary

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Accounting

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Category of the organizational functions of business which performs functions related to recording and reporting financial transactions.

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Boundaryless Business Structure

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Business structural design which blurs boundaries surrounding an organization by increasing its interdependence with its environment.

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Business

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Provides goods and services to satisfy consumer wants and needs to make a profit.

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Business Cycle

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Model representing the pattern of growth, peak, recession, and trough of a product, business, or economy over long periods of time; also referred to as the economic cycle.

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Business Ownership

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Individual or group which own a business and its legal entities.

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Business Structural Design

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Alignment of the business’ organizational structure with the overall goals considering tasks and functions of the business.

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Centralized Decision-Making

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Occurs when only a select few people at the top of an organization make the decisions.

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Chain of Command

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Principle in which an employee should have only one supervisor to whom they are responsible; decreases conflicting demands and priorities.

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Corporation

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Separate legal entity which forms a board to act as governing bodies.

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Decentralized Decision-Making

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Occurs when decisions are made by the individuals who are the closest to the problem; more conducive to making changes in a process.