1. Ethics: The basic principles that govern your behavior.
2. Integrity: Adhering to an established set of personal ethics and sound moral
principles; acting with honesty in all situations.
3. Trustworthy: Reliable; deserving the confidence of others
4. Accountability: The condition of having to answer for or be liable for your
actions; accepting responsibility for your decisions
5. Transparency: The quality of being just as one seems; being open and truthful
when communicating
6. Fairness: The ability to make judgments without favoritism or self-interest;
engaging in fair competition and creating equal relationships
7. Respect: Regard or esteem; honoring the rights, freedoms, views, and property of
others
8. Rule of Law: Complying with laws and regulations
9. Viability: The long-term value of your choices
10.Consequence: The result of an action
11.Dilemma: A difficult situation in which you are required to make a decision
12.Ethical dilemma: An issue in which you must decide whether something is right or
wrong; sometimes referred to as an ethical situation
13.Intuition: Instinct; gut feeling
14.Role model: A person whose behavior is imitated by others
15.Brick and mortar:A business that operates out of a physical facility (instead of online)
16.Builders:A type of producer that constructs roads, bridges, buildings, houses, etc.
17.Consumers: People who use goods and services to satisfy their wants
18.E-tailers:Retailers who operate solely online
19.Manufacturer:A type of producer that changes the shapes or forms of materials so that
they will be useful to consumers
20.Producers:The people who make or provide goods and services
21.Raw-goods producer:A type of producer that provides goods in their natural state
22.Retailer:A business that buys consumer goods or services and sells them to the
ultimate consumer
23.Service business:A type of business that performs intangible activities that satisfy the
needs and wants of consumers or industrial users
24.Social responsibility:The duty of business to contribute to the well-being of society
25.Trade industries:Businesses that buy and sell goods to others; retailers and
wholesalers
26.Wholesalers:Intermediaries who help move goods between producers and retailers by
buying goods from producers and selling them to retailers
27.Capital goods: Manufactured or constructed items that are used in the production of
goods and services
28.Consumer goods and services: Products produced for personal consumption
29.Consumption: The process or activity of using goods and services; The economic
process or activity of using goods and services
30.Demand: The quantity of a good or service that buyers are ready to buy at a given
price at a particular time
31.Distribution: The economic process or activity by which income is divided among
resource owners and producers
32.Economic goods: Physical objects that are useful, scarce, and transferable and which
satisfy economic wants
33.Economic resources: The human and natural resources and capital goods used to
produce goods and services
34.Economic services: Productive acts that are useful, scarce, and transferable and which
satisfy economic wants
35.Economic want: A desire for something that can only be satisfied by spending money
36.Economics: The study of how to meet unlimited, competing wants with limited
resources
37.Elastic demand: A form of demand for products in which changes in price correspond
to changes in demand
38.Elasticity: An indication of how changes in price will affect changes in the amounts
demanded and supplied
39.Equilibrium: The point at which the quantity supplied is equal to the quantity
demanded
40.Excess demand: The situation that exists when demand is greater than supply
41.Excess supply: The situation that exists when supply is greater than demand
42.Exchange: The economic process of trading one good/service for another
43.Factors of production: Productive resources; human and natural resources and capital
goods
44.Human resources: People who work to produce goods and services
45.Industrial goods and services: Products purchased by producers for resale, to make
other goods and services, and/or to use in business operations
46.Inelastic demand: A form of demand in which changes in price do not affect demand
47.Law of demand: Economic principle which states that the quantity of a good or
service that people will buy varies inversely with the price of the good or service
48.Law of supply: Economic principle which states that the quantity of a good or service
that will be offered for sale varies in direct relation to its price
49.Law of supply and demand: Economic principle which states that the supply of a good
or service will increase when demand is great and decrease when demand is low
50.Natural resources: Items found in nature that are used to produce goods and services
51.Need: Something required or essential that is lacking
52.Noneconomic want: Desires for things that can be obtained without spending money
53.Production: The economic process or activity of producing goods and services
54.Scarcity: A condition resulting from the gap between limited resources and unlimited
wants for goods and services
55.Supply: The quantity of a good or service that sellers are able and willing to offer for
sale at a specified price in a given time period
56.Trade-off: Giving up all or a part of one thing in order to get something else
57.Want: A desire for something that is not required
58.Command economy: An economic system in which all or many of the means of
production and distribution are owned and controlled by the government
59.Communism: A command economic system in which the government controls the
economic system and does not allow private ownership of the means of production
and distribution
60.Economic system: The organized way in which a country handles its economic
decisions and solves its economic problems
61.Market economy: An economic system in which the questions of what, how, and for
whom goods will be produced are answered by individuals and businesses in the
marketplace
62.Socialism: A modified command economic system in which government owns the
basic means of production and allows private ownership of businesses as well
63.Traditional economy: An economic system in which people produce only what they
must have in order to exist; all economic decisions are based on habit and tradition
64.Entrepreneur: An individual who: invents, develops, and distributes a good or
provides a service; assumes the risks of starting and building a business; and receives
personal and financial rewards for her/his efforts
65.Private enterprise/free enterprise: An economic system in which individuals and
groups, rather than the government, own or control the means of production–the
human and natural resources and capital goods used to produce goods and services
66. Small business: A business that employs 500 or fewer people
67.Avoidance: A risk-response strategy that involves choosing not to do something that
is considered risky
68.Business risk: The possibility of loss (failure) or gain (success) inherent in conducting
business
69.Cost of goods: The amount of money a business pays for the products it sells or for
the raw materials from which it produces goods to sell; the amount of money a
business pays for the products (or for any part of the products) it sells
70.Direction competition: Rivalry between or among businesses that offer similar types
of goods or services
71.Economic risks: The possibility of loss or failure that occurs as a result of the
economy
72.Expenses: The money that a business spends
73.Gross profit: Money left after the cost-of-goods expense is subtracted from total
income (income from sales-cost of goods=gross profit)
74. Human risks: The possibility of loss or failure from human error
75.Income: The money received by resource owners and by producers for supplying
goods and services to customers
76.Indirect competition: Rivalry between or among businesses that offer dissimilar
goods or services
77.Monopoly: A type of market structure in which a market is controlled by one supplier,
and there are no substitute goods or services readily available
78.Natural risks: The possibility of loss or failure from nature
79.Net profit: Money left after the cost-of-goods expense and the operating expense are
each subtracted from the total income (gross profit-operating expense=net profit)
80.Nonprice competition: A type of rivalry between or among businesses that involves
factors other than price
81.Oligopoly: A market structure in which there are relatively few sellers, and industry
leaders usually determine prices
82. Operating expenses: All of the expenses involved in running a business
83.Perfect competition: A market structure in which there are many businesses selling a
lot of identical products for about the same price to many buyers; also known as pure
competition
84.Price competition: A type of rivalry between or among businesses that focuses on the
use of price to attract scarce customer dollars
85.Profit: Monetary reward a business owner receives for taking the risk involved in
investing in a business; income left once all expenses are paid
(income-expense=profit)
86.Pure risks: Chances of loss that carry with them the possibility of loss or no loss
87.Reduction: A risk-response strategy that involves trying to reduce the chance of loss
or severity of loss
88.Regulated monopolies: A monopoly that the government allows to exist legally under
controlled conditions
89.Retention: A risk-response strategy that involves assuming responsibility for the risk
rather than transferring it
90.Speculative risks: Chances of loss that may result in loss, no change, or gain
91.Transfer: A risk-response strategy that involves moving the impact of a risk to
someone or something else
92.Financial analysis: The process of planning, maintaining, monitoring, controlling, and
reporting the use of financial resources
93.Human resources management: The process of planning, staffing, leading, and
organizing the employees of the business
94.Information management: The process of accessing, processing, maintaining,
evaluating, and disseminating business knowledge, facts, or data
95.Marketing: The process of creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large
96.Operations: The day-to-day activities required for continued business functioning
97.Outsourcing: involves using outside organizations or consultants to perform one or
more of the primary business activities.
98.Production: The process or activity of producing goods and services
99.Strategic management: The process of planning, controlling, and organizing an
organization or department
100. Human resources: People who work to produce goods or services
101. Information management: The process of accessing, processing, maintaining,
evaluating, and disseminating knowledge, facts, or data for the purpose of assisting
business decision making
102. Management function: Groups of activities related to management (i.e., planning,
organizing, staffing, directing, and controlling)
103. Management information system (MIS): An integrated technology that assists
with an organization’s information management needs
104. Staffing: A human resources management activity that involves recruiting,
interviewing, hiring, orienting, and dealing with job changes for a company’s
employees
105. Strategic planning: Long-range planning (three to five years) for the company as a
whole
106. Tactical planning: Short-range planning (one year) of specific actions the business
will take
107. Courtesy: Polite behavior; good manners
108. Customer relations: All the activities a business engages in to interact with its
customers
109. Customer service: Activities and benefits provided by a business to its customers
to create goodwill and customer satisfaction
110. Internal customers: The people (i.e., employees) who work cooperatively together
to achieve business goals
111. Productivity: The amount and the value of goods and services produced (outputs)
from set amounts of resources (inputs)
112. Word-of-mouth promotion: Promotion for a business provided by customers who
tell others of their satisfaction with the business
113. Accountant: An individual who has had specialized training in accounting
procedures
114. Accounting: The process of keeping financial records
115. Accounting cycle: A process or series of steps that businesses complete to
maintain their financial records effectively
116. Accounting standards: Rules that accountants must follow when preparing
financial statements
117. Accrual: a method of accounting that records transactions at the time they occur.
118. Acquisition of funds: Finance activity involving making decisions about financing
119. Administration of assets: Finance activity involving making decisions about a
firm’s investments
120. Assets: Anything of value that a business owns
121. Balance sheet: A financial statement that captures the financial condition of the
business at that particular moment
122. Capital investment decisions: Decisions that determine which projects a business
will invest in, how the investment(s) will be financed, and whether to pay dividends to
shareholders
123. Cash flow statement: A financial summary as to when, where, and how much
money will flow into and out of a business
124. Dividends: A sum of money paid to an investor or stockholder as earnings on an
investment
125. Expenses: The monies that a business spends; also called expenditures
126. External users: people outside the business who use accounting information –
suppliers, banks, customers, lenders, investors, and tax authorities.
127. Finance: In business, the function that involves all money and money management
matters
128. Financial statement: A summary of accounting information
129. Income: Money received by a business or an individual from outside sources
130. Income statement: A financial summary that shows how much money the business
has made or has lost; also called the profit-and-loss statement
131. Internal Users: People within the business who use financial information –
owners, managers, and employees.
132. Liabilities: Debts that the business owes
133. Net worth: The total value of the business
134. Owner’s equity: The amount an owner has invested in the business plus or minus
profits and losses
135. Statement of owner’s equity: usually a one-page report showing the difference in
total assets and total liabilities, shows the overall value of the owner’s equity.
136. Bottom line: A business’s net income; the decisive point
137. Holding cost: The money it takes to keep inventory in stock
138. Inputs: Resources
139. Inventory: All the stock that a business has on hand
140. Inventory control- Tracking the amount, the kind, and the value of inventory that a
business has on hand
141. Logistics: Refers to managing the flow of goods and services from production to
consumption
142. Operations: The day-to-day activities for continued business functioning
143. Outputs: In the operations function, goods, or services
144. Purchasing: The buying of goods and services for a business
145. Quality control: Ensuring the degree of excellence of a good or service
146. Routing: The production activity that determines the sequence of the steps in the
production process
147. Scheduling: The production activity that establishes the timetable to be followed
in production
148. Timing: In the production process, determining when materials will arrive at a
certain destination and how long they will stay there
149. Advertising: Any paid form of nonpersonal presentation of ideas, goods, or
services
150. Marketing: The activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
151. Personal selling: The form of promotion that determines client needs and wants
and responds through planned, personalized communication that influences purchase
decisions and enhances future business opportunities
152. Place: Marketing element focusing on considerations in getting a selected product
in the right place at the right time
153. Price: Marketing element requiring marketers to determine the amount of money
they will ask in exchange for their products
154. Product: Marketing element referring to what goods, services, or ideas a business
will offer its customers
155. Promotion: A marketing function needed to communicate information about
goods, services, images, and/or ideas to achieve a desired outcome
156. Publicity: Any nonpersonal presentation of ideas, goods, or services that is not
paid for by the company or individual that benefits from or is harmed by it
157. Cloud storage: Online storage that enables users to upload, store, and access their
files via the Internet; users’ files are maintained by a third-party at a remote database
storage facility
158. Cookies: Text files that are put on a website visitor’s hard disk and then later
retrieved during subsequent visits to the site in order to track internet behavior.
Mechanisms used by websites to track users’ browsing histories.
159. Data migration: the process of transferring data between storage types, formats, or
computer system
160. Data processing: Handling information, especially facts. Converting facts and
figures into useful information. Analyzing collected facts and figures and putting
them into formats useful to a business.
161. Data: Facts and figures.
162. Database: Computerized storage for information and facts
163. Hardware: The physical components of a computer system (e.g., the central
processing unit, hard drive, modem)
164. Information system: set of coordinated network of components, which act together
towards producing, distributing and or processing information.
165. Information technology: integration of computer with telecommunication
equipment for storing, retrieving, manipulating and storage of data.
166. Intranet: An internal network similar to the Internet that is accessible only by
authorized personnel; used to access information and communicate with others within
an organization. A computer network that is restricted to the organization it serves; an
internal Internet.
167. Software: Programs that instruct computers to perform specific operation
168. Application programs: programs that people use to get their work done. (i.e., MS
Word, PowerPoint, Excel, Canva, Adobe Photoshop, etc.)
169. Central Processing Unit (CPU): a particular computer will have a particular type
of processor
170. Computer system: consists of hardware (physical parts of the computer) and
software (programs and data used with the physical computer).
171. Embedded system: a computer system that is part of a larger machine and which
controls how that machine operates.
172. Hard drive: internal data storage in a computer; stores the operating system,
applications, computer program files, and data.
173. Input devices: keyboards, mouse, scanners, cameras, joysticks, and microphones;
a piece of equipment used to provide data and control signals to an information
processing system.
174. Motherboard: components are connected to the main circuit board of the
computer.
175. Network: consists of two or more computers connected so that they can exchange
data and programs.
176. Operating system: responsible for starting up application programs, running them,
and managing the resources that they need.
177. Output device: Monitor, Printer, Speakers; any piece of computer hardware
equipment which converts information into human-readable form.
178. Processor: contain billions of transistors; responsible for the fundamental
computing within the system, and directly or indirectly controls all the other
components.
179. Address book: store your contacts, which makes it easy to correspond and share
contact information with others
180. Attachments: files included with emails
181. Browsers: software programs that allow you to view webpages, such as Internet
Explorer, Safari, Firefox, or Google Chrome
182. Database: designed to create databases and to store, manage, search, and extract
the information contained within them
183. Distribution lists: help you email multiple people at once
184. Email application: an application that allows users to send, receive, and read
electronic messages between users.
185. Presentation Software: software used to create a sequence of text and graphics,
and often audio and video, to accompany a speech or public presentation
186. Search engines: a software program on the Internet that allows you to search
documents and files for keywords and returns files that match
187. Spreadsheet: file made of rows, and columns. that help sort, organize, and arrange
data efficiently, and calculate numerical data
188. Uniform resource locator (URL): used to identify it and link to a web page
189. Viruses: a piece of code which is capable of copying themselves and typically
have a detrimental effect, such as corrupting the system or destroying data.
190. Word processor: enable users to enter and store written work into many types of
documents
191. World wide web (WWW): a collection of websites or web pages stored in web
servers and connected to local computers through the internet
192. Computer-aided design (CAD): The use of computer technology to plan, design,
test, and alter products
193. Computer-aided manufacturing (CAM): The use of computer software to control
machines, tools, and processes involved in manufacturing products
194. Expert system: Computer software designed to mimic the knowledge of a human
expert
195. Global positioning system (GPS): A navigational system that uses satellite
technology to determine location and provide directions
196. Network: A system of computers connected together by telephone wires, cable
wires, or other means
197. Personal identification number (PIN): A number you choose to gain access to an
account
198. Satellite: An object placed into orbit by humans; most are used for
communications purposes
199. Telecommuting software: software utilized to allow working from home or a
remote location.
200. Voice over Internet Protocol (VoIP): Technology that allows users to make
telephone calls over the Internet
201. Accountability: the state of being accountable, liable, or answerable
202. Ambition: desire for work or activity; energy
203. Appearance: outward impressions, indications, or circumstances
204. Attitude: manner, disposition, feeling, position, etc., with regards to a person or
thing; tendency or orientation, especially of the mind
205. Gratitude: the quality or feeling of being grateful or thankful
206. Professionalism: professional character, spirit, or methods
207. Benefits: a payment or gift, as one made to help someone or given by an
employer, an insurance company, or a public agency:
208. Bullying: to act the bully toward; habitually intimidate, abuse, or harass
209. Collective Bargaining: the process by which wages, hours, rules, and working
conditions are negotiated and agreed upon by a union with an employer for all the
employees collectively whom it represents.
210. Discriminatory: characterized by or showing prejudicial treatment, especially as
an indication of bias related to age, color, national origin, religion, sex, etc.:
211. EEOC: Equal Employment Opportunity Commission; responsible for enforcing
federal laws that make it illegal to discriminate against a job applicant or an employee
because of the person’s race, color, religion, sex, national origin, age, disability or
genetic information.
212. Harassment: an act or instance of harassing; torment, vexation, or intimidation:
213. Hazards: something causing unavoidable danger, peril, risk, or difficulty:
214. Labor Unions: an organization of wage earners or salaried employees for mutual
aid and protection and for dealing collectively with employers; trade union.
215. OSHA: Occupational Safety and Health Administration; responsible for
establishing and enforcing safety and health standards in the workplace.
216. Responsibilities: the state or fact of being responsible, answerable, or accountable
for something within one's power, control, or management.
217. Analytical skills: the ability to collect and analyze information, problem-solve,
and make decisions.
218. Aptitudes: natural talents for learning specific skills
219. Communication skills: abilities you use when giving and receiving different kinds
of information. These skills involve listening, speaking, observing, and empathizing.
220. Competent: having the necessary ability, knowledge, or skill to do something
successfully.
221. Interpersonal skills: the ability to communicate, interact, and build relationships
with others.
222. Leadership skills: the strengths and abilities individuals demonstrate that help the
oversee processes, guide initiatives and steer their employees toward the achievement
of goals.
223. Loyal: giving or showing firm and constant support or allegiance to a person or
institution.
224. Technical skills: the ability to work with or talk to other people in an effective and
friendly way.
225. Transferable skills: known as “portable skills,” are qualities that can be
transferred from one job to another.
226. Trustworthy: able to be relied on as honest or truthful.
227. Applicants: a person who makes a formal application for something, especially a
job
228. Attitude: the way a person looks at life
229. Career: an occupation undertaken for a significant period of a person's life and
with opportunities for progress
230. Human Resources (HR) Department: is the company department charged with
finding, screening, recruiting, and training job applicants, as well as administering
benefits
231. Interview: a formal meeting at which someone is asked questions in order to find
out if they are suitable for a post of employment
232. Job: a paid position of regular employment
233. Job Application: a form that employers ask job applicants to fill out to learn about
their work history.
234. Occupation: person's regular work or profession; job or principal activity
235. Letter of Application (Cover Letter): A document you send with your resumé, that
provides additional information about skills and experiences related to the job you are
applying to.
236. Resume’: a formal document that provides an overview of your professional
qualifications, including your relevant work experience, skills, education, and notable
accomplishments
237. Self-Assessment: evaluation of oneself or one's actions and attitudes, in particular,
of one's performance at a job or learning task considered in relation to an objective
standard
238. Values: Principles or beliefs that guide and regulate actions and behavior
239. Advancement opportunity: A chance to move forward into a new role in a
company. Other definitions include the potential for professional development, like
employer-funded certifications or continuing education classes
240. Career: an occupation undertaken for a significant period of a person's life and
with opportunities for progress
241. Entry-level: type of job that typically requires minimal education, training and
experience
242. Job promotion: when an employee advances to a position that is classified at a
higher salary grade, or in certain circumstances, an acknowledgment of significant
greater responsibilities within the same grade
243. Long-term: Involving or in effect for a number of years
244. Occupation: a person's regular work or profession, job or principal activity
245. Short-term goals: Objectives that take less than a year to achieve
246. Stepping-stone goal: Short, medium, and long-term goals that can help you reach
your ultimate career goal in realistic stages, allow adjustments to be made to the
career plan
247. Transfer: transfer refers to lateral movement of employees within the same grade,
from one job to another
248. Ultimate goal: The goal one will seek to fulfill above all other goals
