Glossary of Terms

The type of advantage that exists when a nation is (1) the only source of a particular product, or (2) it can make more of a product using fewer resources than other countries.

A commitment to acting with honesty, trust, fairness, respect, and responsibility in academic work and studies.

The practice of making information, activities, and/or environments sensible, meaningful, and usable for as many people as possible.

The organizational function that is focused on recording, keeping, analyzing and communicating financial information.

Paid, non-personal communication designed to create an awareness of a product or company.

Resources from which a business expects to gain some future benefit.

An examination and verification of records and supporting documents.

Directive leaders who prefer to make decisions and solve problems on their own with little input from subordinates.

The difference, over a period of time, between the total flow of money coming into a country and the total flow of money going out.

An economic measure that represents the difference between the value of a country’s exports and the value of its imports over a specific period.

A financial report that shows assets, liabilities, and equity invested in the business at a specific point in time.

A special type of Crown corporation that is owned by the federal government, but has considerable independence to carry out its responsibilities and therefore operates separately from the political process.

A process of comparing an organization’s practices and performance with those of others to identify opportunities for improving efficiency and effectiveness.

Compensation other than salaries, hourly wages, or financial incentives. Usually includes paid time off, health insurance and retirement benefits.

Large and complex datasets that cannot be handled by traditional data-processing methods. The defining characteristics of big data are volume, velocity, variety, veracity, and value (the 5Vs).

A strategy that shapes the overall experience customers have with a company, exemplifying its values, promises, and personality.

A financial plan that estimates how much money you'll make and spend over a specific period of time. It can be used by individuals, families, businesses, and governments.

An evaluation that compares actual financial performance to the planned budget, providing insight into how well an organization is adhering to its financial goals.

An organization that strives for a profit by providing goods and services desired by its customers.

The regular economic pattern of upturns and downturns in demand and output within the economy that tends to repeat itself every three to five years.

A systematic process that evaluates the internal and external factors impacting a business.

A type of social and business behaviour that team members (whether at school or work) are expected to exhibit.

Collective data related to a company and its operations, including statistical information, raw analytical data, customer feedback, and sales numbers.

Rules, statutes, codes, and regulations established to provide a legal framework within which business may be conducted.

People who participate in conducting the work of the business. These always include the employees and managers, but often include suppliers, customers, and shareholders.

A written document that outlines a company’s goals and explains how it plans to achieve them. It typically includes details about the business, its products or services, target market, marketing strategy, operations, and financial projections.

The potential for a company to experience financial losses or other challenges that could impact its ability to achieve its objectives. These risks arise from uncertainties in the internal and external environment in which a business operates.

A binding legal document that protects the basic human rights of all Canadians, such as fundamental freedoms, democratic rights, mobility rights, legal rights, equality rights, and language rights.

A federal law that protects individuals from discrimination in federally regulated workplaces and services based on race, gender, disability, and other grounds.

The maximum number of goods that a facility can produce over a given time under normal working conditions.

A budget that considers the company's long-range plans and outlines the needs for significant capital purchases such as real estate, manufacturing equipment, plant expansions, or technology.

An economic system that promotes the creation and ownership of capital and wealth.

A well-respected resource for situating corporate social responsibility. In this model, the focus is on managers—not owners—as the principals involved in the company's relationships with its stakeholders.

An approach that emphasizes the restoration and regeneration of products, materials and energy that encourages manufacturers to design products and business models with durability, repairability and recyclability in mind.

A way of depicting how money circulates back and forth through the economy from households to businesses in the form of labour and the purchase of goods and services.

A style that dictates the information necessary for a citation and how the information is ordered, as well as punctuation and other formatting conventions.

Statistical tools that show the state of the economy today.

The ability to communicate with others, both orally and in writing.

A political and economic system that aims to eliminate class distinction by sharing wealth equally and having the public own the means of production, such as factories and mines.

The type of advantage that exists when a country can produce a product at a lower opportunity cost compared to another nation.

A total reward offering provided to an employee, including salary, benefits (such as health insurance and retirement plans), bonuses, paid time off, and other perks or incentives.

An assessment of similar brands within the same industry to gain insight into other companies' products, branding, sales strategies, and marketing approaches.

The interest earned on both the original amount (the principal) and any interest that has already been added, which allows money to grow faster over time.

The use of computer software to create, modify, analyze, or optimize a design.

The use of computer software and hardware to control and automate manufacturing processes.

A comprehensive approach to manufacturing where CAD, CAM, and other business and manufacturing processes are integrated using computer systems.

The ability to reason abstractly and analyze complex situations.

Struggles that occur when individuals must choose between taking actions that promote their personal interests over the interests of others.

Tensions that arise when individuals in leadership positions prioritize personal gains over their professional obligations, leading to ethical and legal repercussions.

Leaders who encourage discussion about issues and then require that all parties involved agree to the final decision.

Leaders who confer with subordinates before making a decision but retain the final decision-making authority.

An index that measures the rate of inflation by determining price changes of a hypothetical basket of goods, such as food, housing, clothing, medical care, appliances, automobiles, and so forth, bought by a typical household.

A plan outlining actions to take when unexpected problems occur, ensuring continuity and minimizing impact.

Personnel hired to supplement a company’s permanent workforce.

A function of management that ensures that performance does not deviate from standards.

When a business voluntarily gives money, resources, or time to support charitable causes and community initiatives.

A business model by which companies make a concerted effort to operate in ways that enhance rather than degrade society and the environment.

A legally separate entity from its owners, offering limited liability protection, the ability to raise capital through shares, and continuity beyond the involvement of its founders.

The total cost of the goods that a business has sold.

Expenses including rent, salaries, supplies, transportation, etc. that a company incurs from creating and selling goods and services.

In the double-entry method of accounting, an entry on the right side of an account made to decrease asset or expense accounts and increase liability, revenue or equity accounts.

A set of factors that shape the way people interact with each other and their physical and social environment.

A free trade agreement between Canada, the United States, and Mexico, which replaced the NAFTA free trade agreement.

An organizational design where the company is structured around different customer groups or segments.

The right to safe products, the right to be informed about a product, the right to choose what to buy, and the right to be heard.

A marketing strategy that focuses on using information about current customers to nurture and maintain strong relationships with them.

The use of techniques like clustering, classification, and predictive modelling to extract valuable patterns and relationships from large datasets to derive actionable insights.

Practices, technologies, and policies to protect sensitive information from breaches, unauthorized access, and cyberattacks.

In a double-entry method of accounting, an entry on the left side of an account made to increase an asset or expense account and decrease a liability, revenue or equity account.

A method of raising capital by borrowing money that must be repaid over time, usually with interest. It does not require giving up a portion of ownership in the company.

Ratios that look at how much a company has borrowed in order to finance the operations of the business. The more borrowing, the more risk a company has taken on, and so the less likely it is that new lenders will approve loan applications.

The action or process of thinking through possible options and selecting the one that seems most appropriate.

The process of defining a problem, analyzing possible solutions, and selecting the best outcome.

A period of falling demand and prices, usually accompanied by reduced output and rising unemployment.

The quantity of a product that buyers are willing to purchase at various prices.

Leaders who encourage discussion about issues and require all parties to vote on the decision.

A grouping of specialized jobs into meaningful units.

Currencies that are only accessible with computers or mobile phones because they only exist in electronic form.

The presence, in an organization or a community, of a wide range of people with different backgrounds, abilities and attributes, including ethnicity, race, colour, religion, age, gender and sexual orientation.

A type of organizational structure where a company is divided into independent divisions that operate like standalone entities within the larger organization. Each division has its own resources, teams, and responsibilities.

A system that records every transaction with a debit and credit in two or more accounts in a company’s general ledger.

The practice of selling exported goods below the price that producers would normally charge in their home markets (and often below the cost of producing the goods).

The process through which a region, country, or community improves the well-being of its citizens by increasing income, reducing poverty, creating jobs, and expanding access to healthcare and education.

A statistical tool that provides information on the country's economic performance. There are different types of indicators, which are all subject to considerable error, so it is unwise to draw any conclusions from just one month's data.

The practice of making financial decisions based on a commitment to doing good.

The study of how individuals, businesses, governments and nations allocate their limited resources to satisfy their unlimited wants and needs.

The ability to produce a desired result.

The ability of a business to accomplish tasks and achieve objectives using the least possible amount of resources while maintaining the desired level of quality and performance.

Ratios that indicate how well a company's assets are being managed.

An extreme form of quota that, for economic or political reasons, bans the import or export of certain goods to or from a specific country.

The skills you need to enter, stay in, and progress in the world of work, whether you work on your own or as part of a team.

A Canadian law that requires federally regulated employers to take proactive steps to improve job opportunities for women, Indigenous peoples, persons with disabilities, and visible minorities.

Legislation that covers employment standards, human rights, federal and provincial privacy, occupational health and safety, workers' compensation, and labour regulations.

The process of giving employees increased autonomy and discretion to make decisions, as well as control over the resources needed to implement those decisions.

A broader, integrated system that manages and automates a company’s core business processes across multiple departments, including finance, HR, manufacturing, supply chain, sales, and customer relationship management (CRM).

The price point at which the demand and supply curves intersect.

A process that ensures everyone has access to the same opportunities.

A method of raising capital by selling shares of a company to investors. It carries no repayment obligation and provides extra working capital that can be used to grow a business, but it does mean sharing profits and decision-making power with shareholders.

An acronym for Environmental, Social, and Governance that refers to a set of standards used by businesses to evaluate and address their impact on the world, beyond just financial performance.

Situations in which it is difficult for an individual to make decisions, either because the right course of action is unclear or carries some potential negative consequences for the person or people involved.

Challenging social questions that involve disagreement or uncertainty about what is morally right or fair.

A mistake or error in judgment that produces a harmful outcome. It is a failure to follow proper ethical principles.

The responsibility to ensure fair practices and treat customers, employees, and stakeholders with respect.

The philosophical discipline concerned with what is morally good and bad, and morally right and wrong.

A unique economic and political union between 27 European countries that have eliminated trade barriers among themselves.

In the foreign exchange market, currencies are bought and sold like goods in any other market. The exchange rate is the price of one currency expressed in terms of another—it tells you how much of one currency you need to buy a unit of another.

The process of selling domestic products to foreign customers.

When motivation comes from external factors, in other words, a person needs an incentive to be, stay, or become motivated.

The physical arrangement of resources to ensure a smooth flow of production.

The resources used to create goods and services.

The obligation that managers have to act in the best interests of the company’s stakeholders by protecting its assets and managing its money honestly and responsibly.

A professional responsible for preparing and reporting a company’s financial information in accordance with established accounting standards, such as GAAP or IFRS.

A budget that plans the use of assets and liabilities and results in a projected balance sheet.

An officer of a company responsible for updating financial controls and overseeing all the accounting activities in an organization.

Procedures and policies that monitor and manage financial resources to prevent errors, fraud, and optimize allocation.

The planning and budgeting of short- and long-term funds for current and future needs. Generally, the finance department comprises two divisions: accounting and financial management.

The person responsible for managing the company’s financial resources and ensuring the financial stability and growth of the organization by optimizing financial performance and minimizing risks.

The ongoing process of managing your personal finances in order to meet goals that you’ve set for yourself or your family.

The management level, also referred to as customer-facing or front-line management, coordinates activities, supervises employees, reports to middle managers, and is involved in day-to-day operations of an organization.

How governments use spending and taxation to influence economic growth, employment, and inflation.

A work schedule arrangement that allows employees to choose their starting and ending times within a set range, while still working the required number of hours.

The prediction of revenue, costs and expenses for a specific future period. Short-term forecasts include predictions for the upcoming year, while long-term forecasts include predictions for a period longer than one year into the future.

The formal establishment of business operations on foreign soil—the building of factories, sales offices, and distribution networks to serve local markets in a nation other than the company’s home country.

An economic system where the laws of supply and demand determine prices, and the government has limited or no involvement

An economic system that operates according to free competition.

The opposite end of the continuum from the autocratic style is free-rein or laissez-faire (French for “leave it alone”) leadership. Managers who use this style turn over all authority and control to subordinates.

An index designed to measure the performance of companies demonstrating specific Environmental, Social and Governance (ESG) practices.

Different departments or sections that perform specific tasks, such as human resources, operations, accounting, and finance.

An easy-to-use graphical tool that helps operations managers determine the status of projects.

GAAP (Generally Accepted Accounting Principles) are standardized rules and guidelines used by publicly traded companies in the U.S. to ensure financial statements are consistent, transparent, and comparable.

An organizational design where a company is structured by geographical location, enabling it to respond to customers more effectively based on their location.

The process of increasing economic and social integration between countries, and the increased flow of goods, services, and people across borders.

Tangible items manufactured and sold by a business.

A cumulation of the grades across the courses throughout your program.

The practice of misleading consumers or stakeholders into believing that a company, product, or initiative is more environmentally friendly or sustainable than it actually is.

The market value of all goods and services produced by the economy in a given year.

The value of all products and services produced by citizens of a country, both domestically and internationally, minus income earned by foreign residents.

The difference between sales revenue and cost of goods sold. Also known as gross margin.

The policies, procedures, and practices that businesses put in place to protect employees from injury, illness, and other risks while on the job.

The process of predicting how a company's staffing needs change with time, so that it can remain prepared to operate successfully.

The process of hiring, developing, motivating, and evaluating employees to achieve organizational goals.

An organizational function that is about searching for, selecting, training, and maintaining workers.

An acronym for inclusion, diversity, equity, and accessibility. Collectively, a set of practices that aim to ensure that people from a variety of backgrounds are represented and can thrive.

The process of buying products overseas and reselling them in one’s own country.

Accounting for differences among individuals and groups when designing something (e.g., policy, program, curriculum, buildings, shared space) to avoid creating barriers.

A workforce that includes employees who are underrepresented in the workplace according to sex, race, or some other characteristic.

A financial report that shows revenues, expenses, and whether or not a profit was made over a specific period of time.

The industry life cycle describes the four stages an industry goes through—expansion, peak, contraction, and trough. Understanding these stages helps businesses make informed decisions about investment, innovation, and growth.

A sustained rise in the average prices of goods within an economy. It can also be explained as the fall in the purchasing power of money, since it is usual for wages to move ahead at least as fast as the price level.

The collection, storage, organization, and distribution of information to optimize business operations and decision-making.

Policies, procedures, and technology that an organization adopts to reduce the threats, vulnerabilities, and consequences that could arise if data is not protected

The process of exchanging data, knowledge, or insights between teams or organizations. Effective information sharing enhances collaboration and decision-making within and between organizations.

The organizational function that aims to understand the information and data needs of the company in terms of obtaining, analyzing, and protecting information.

The stage in the selection process where a candidate completes an application form and/or submits a résumé, and has a brief interview of 30 minutes or less.

The elements which go into producing a good or service, such as labour, raw materials, capital, land, entrepreneurship, etc.

Elements within an organization that influence its operations and decision-making including factors like the company’s culture, management practices, employees, and work processes.

A form of outsourcing in which companies manufacture their products in another country to take advantage of lower labour costs.

A set of global accounting standards that provide guidelines for how companies should prepare and present their financial statements. IFRS is used in over 140 countries, including Canada.

An agreement under which a company (the franchiser) grants a foreign company (the franchisee) the right to use its brand name and to sell its products or services. The franchisee is responsible for all operations but agrees to operate according to a business model established by the franchiser. The franchisee pays royalties to the franchiser. In turn, the franchiser usually provides advertising, training, and new-product assistance.

An agreement that allows a foreign company (the licensee) to sell the products of a producer (the licensor) or to use its intellectual property (such as patents, trademarks, copyrights) in exchange for what is known as royalty fees.

An international organization composed of 191 member countries that is governed by and accountable to its members and plays a central role in the global financial system.

The relational skills necessary to get along with and motivate other people. Most essential for managers in mid-level positions.

When motivation comes from within, in other words, a person has it within themselves to be, stay, or become motivated.

The task of striking a balance between two threats to productivity: not enough inventory and carrying too much inventory.

Putting money into something—like shares, real estate, or a business—with the goal of earning more money over time.

A situation where an employer ends an employee's employment without the employee's consent. Such a situation can happen for a number of reasons, including poor performance, unprofessional behaviour, policy violations, economic factors, and organizational changes.

An analysis that identifies the tasks, responsibilities, and skills that a job entails, as well as the knowledge and abilities needed to perform it.

A representation of the duties and responsibilities of a position.

The practice of enhancing a job by adding tasks at similar skill levels.

The practice of adding tasks that increase both responsibility and opportunity for growth.

A practice that allows employees to rotate from one job to another on a systematic basis, often, but not necessarily, cycling back to their original tasks.

An arrangement whereby two people share one full-time position, splitting the salary and benefits of the position as each handles half the job.

The division of activities into clusters of related tasks that can be handled by certain individuals or groups.

Description of the qualifications—skills, knowledge, and abilities— needed to perform the job.

When two or more companies form a new, independent legal entity to pursue a specific business objective or project. The companies share ownership, profits, risks, and governance in the newly created entity.

An inventory control method where the manufacturer arranges for materials to arrive at production facilities just in time to enter the manufacturing process.

Information on a product’s packaging that is used to identify the product and provide important details such as its contents, manufacturer, origin, usage instructions, and safety warnings.

Statistical tools that show the health of the economy in the recent past.

An economic theory that explains how the relationship between supply and demand determines prices. When supply is greater than demand, prices fall, and prices rise when demand is greater than supply.

The relatively consistent way that individuals in leadership positions attempt to influence the behaviour of others.

Providing focus and direction to others and motivating them to achieve organizational goals.

Statistical tools that offer a prediction of future events.

The different ways by which a person takes in, understands, expresses and remembers information. There are four predominant learning styles: Visual, Auditory, Read/Write, and Kinaesthetic.

Conducting a business within the boundaries of all the legal regulations of a particular industry.

The responsibility to comply with laws and regulations at the local, national, and international levels.

Debts that a business owes to outside individuals or organizations.

The ongoing, voluntary, and self-motivated pursuit of knowledge for either personal or professional reasons.

Ratios that show how well-positioned a company is to pay its bills in the near term. Liquidity refers to how quickly an asset can be turned into cash. For example, shares of stock are substantially more liquid than a building or a machine.

That which occurs when costs and expenditures are greater than revenue.

The narrowest measure of money that includes the most liquid forms of money, such as cash and chequing account funds that are spent immediately.

A measure of money that includes everything in M-1 plus near-cash items invested for the short term — savings accounts, time deposits and money market mutual funds.

The broader conditions of an economy as opposed to specific markets.

A branch of economics that looks at the decisions of countries and governments.

The process of designing products to meet the needs of the buyers who order them.

The process of identifying, measuring, analyzing, and interpreting financial information for use by internal management to plan, control, and make decisions within an organization.

Those who are considered to be a company's designated leaders according to its organizational structure.

Groups of potential customers with common demographic, geographic, behavioural, and psychographic characteristics that influence their buying decisions.

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.

A business philosophy where the organization's goals are achieved by identifying customer needs and delivering value more effectively than its competitors.

The combination of four factors, known as the "4 Ps" of marketing. The 4 Ps are designed to serve the target market and include product, price, promotion, and place.

A plan used by organizations to determine a target market and then develop a marketing mix to meet the needs of that market.

An approach that combines the advantages of make-to-order processes with mass production. It requires the manufacturer to find precisely what the customer wants and then manufacture the goods, using efficient production methods to reduce costs.

The practice of producing high volumes of identical goods at a cost low enough to price them for a large numbers of customers. Also called make-to-stock.

A software tool that relies on sales forecasts and ordering lead times for materials to calculate the quantity of each part needed for production and determine when it should be ordered or made.

Groups and organizations that have a direct relationship with the business.

A branch of economics that focuses on the study of individuals and business decisions.

The management level responsible for allocating resources, overseeing first-line managers, reporting to top-level managers and developing and implementing activities.

The lowest hourly pay rate that employers are legally allowed to pay their workers, as set by the government. It’s designed to help ensure that employees earn a basic standard of living for their work.

An economic system where some resources are planned for by the government, while citizens control others.

An economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise.

Policy concerned with the supply of money, rates of interest, exchange rates and the amount of credit available in order to control the level of spending within the economy.

Anything that is acceptable as payment for goods and services.

Competition that occurs when an industry has many firms offering products that are similar but not identical. Unlike a monopoly, these firms have little power to curtail supply or raise prices to increase profits.

A market structure characterized by a single seller, selling a unique product in the market where the seller faces no competition, as the seller is the sole provider of the goods with no close substitute.

A company that operates in many countries.

The liabilities of the government sector. Historically, government deficits occur more often than surpluses since the government typically spends more than it takes in.

A deficit that occurs when a government spends more money than it receives in revenue over a period of time.

The difference between gross profit and operating expenses. It is the proverbial “bottom line.”

Non-governmental, non-profit organizations that receive support from individual citizens, the government, and businesses.

An organization that exists to achieve some goal other than gaining profit.

A market in which there are only a few sellers and where each seller supplies a large portion of all the products sold in the marketplace.

A budget that helps plan future revenue and expenses and results in a projected income statement.

The costs of operating a business, except for the costs of things that were sold.

Short-term planning mostly undertaken by first-level managers over the course of one year that is designed to achieve organization-wide or sub-unit goals.

The organizational function that is focused on producing the goods and/or services of the business.

A vital component of any business, encompassing the practices, techniques, and tools that organizations use to produce and deliver goods and services efficiently and effectively.

Those who manage the process that transforms inputs into outputs. Their responsibilities include production planning, production control, and quality control.

That which must be given up to obtain something that is desired.

Charts used by businesses to depict the reporting structure within the organization.

The second management function. It is the process of coordinating and allocating a firm's resources in order to carry out its plans.

Training that introduces a new employee to the company's people, policies, and procedures.

The finished product that comes from a production process.

The practice of contracting out certain business functions, tasks, or processes to external vendors or service providers, rather than handling them in-house.

The owner's investment in a business.

The container or wrapper for a product that is designed to attract a customer's attention.

Leaders who share decision making with group members and encourage discussion of issues and alternatives; includes leaders with democratic, consensual, and consultative styles.

A business owned and operated by two or more individuals who share management responsibilities, profits, and liabilities according to a partnership agreement.

An agreement that clearly defines each partner’s rights and responsibilities, thereby reducing the risk of disputes between partners.

Risks based on feelings, fears, or assumptions that lack concrete evidence, often resulting from misinformation, cognitive biases, or heightened awareness.

The type of competition that occurs when many consumers buy a standardized product from numerous small businesses. Because no seller is big enough or influential enough to affect the price, sellers and buyers accept the going price.

Conducted on a semiannual or annual basis to discuss and evaluate employees’ work performance.

A plan to track your income and spending to help you manage money, avoid debt, and save for goals.

The application of financial principles to the monetary decisions that you make, either for your individual benefit or for that of your family.

One-on-one communication with customers or potential customers.

Charts designed to plot the activities required to produce a product, specify the time required to perform each activity in the process, and organize activities in the most efficient sequence.

An external environment scan, whereby an organization collects and analyzes data on the political, economic, social, and technological aspects of the business environment in which the organization operates.

A business's commitment to improving society through charitable activities, community support, and social initiatives.

The third of the "4Ps" of marketing refers to where and how a company sells its products to consumers.

A system where the state determines production levels and regulates prices. In a centrally planned economy, the state uses advanced planning mechanisms to determine production levels, rather than supply and demand.

An economic system in which the elements of an economy (such as labour, capital, and natural resources) are subject to government control and regulation designed to achieve the objectives of a comprehensive plan of economic development.

The function of management that involves setting objectives and determining a course of action for achieving those objectives.

The only element of the marketing mix that directly generates revenue for a company.

A period of time when prices are at a relatively stable level, the economy doesn't experience long periods of inflation or deflation, and the value of money is sustained over time.

Goods and services produced and delivered by private individuals or groups as a means of enterprise for profit.

An organizational design where the company is structured around the processes needed to create a product or service.

The index that tracks the average change in prices at the wholesale level (e.g., raw materials, product components that require further processing, and finished goods sold to retailers).

The first ‘P” of the marketing mix refers to both products and services.

A theoretical model describing a product's sales and profits over the course of its lifetime.

The process of transforming inputs (such as labour, capital, and raw materials) into outputs (goods and services) that a company wishes to sell.

The process of aligning production schedules with demand forecasts, resource availability, and capacity, while coordinating with key departments to ensure efficient and continuous operations.

The efficiency with which goods and services are  produced.

A broad concept that includes a person's attitude, appearance, work ethic, and conduct.

The money a company has left over after paying all its costs.

Ratios that indicate how much profit is made relative to the amount invested (return on investment) or the amount sold (return on sales).

The means by which a company communicates with its customers, which can include advertising, social media, email marketing, personal selling, sales promotion, public relations, and more.

The practice of managing how others see and feel about a person, brand, or company.

Goods and services produced, delivered, and allocated by the government and public sector organizations (publicly controlled government business enterprises).

The process of acquiring the materials and services to be used in production (also called procurement).

The degree to which a product or service meets or exceeds customer expectations and adheres to established standards or specifications.

The general level of human happiness based on factors including life expectancy, educational standards, health, sanitation, and leisure time.

Limitations on the quantity of a good that can be imported into a country over a period of time.

Risks backed by data, evidence, or historical trends that are measurable and often require proactive mitigation.

The process of identifying suitable candidates and encouraging them to apply for openings in the organization.

People who will attest to your skills and abilities usually former or current employers.

Roles that help team members understand the part they play in a team, support them in their roles, and maintain or improve group cohesiveness.

The money a company receives by providing services or selling goods to customers.

The potential to lose time and money or otherwise not be able to accomplish an organization's goals.

The structured process of identifying potential threats, evaluating their likelihood and impact, and developing strategies to minimize or eliminate their adverse effects.

In a business context, the degree of uncertainty and potential loss that an organization is willing to accept to achieve its objectives.

A key concept of economics, it occurs when the demand for a good or service is greater than the availability of the good or service.

Loans that involve some type of collateral. Also known as secured credit.

An in-depth discussion with a candidate about their work experience, skills and abilities, education, and career interests.

The process of determining which people in the applicant pool possess the qualifications necessary to be successful on the job.

Intangible offerings of a business that can't be held, touched, or stored

A model commonly used in service industries to measure quality across five dimensions: reliability, responsiveness, assurance, empathy, and tangibles, allowing businesses to identify specific areas where they can improve to meet or exceed customer expectations.

Conduct that occurs when an employee makes “unwelcome sexual advances, requests for sexual favours, and other verbal or physical conduct of a sexual nature” to another employee in return for employment, training, or promotion.

The process of measuring the needs of a new project against the merits of potential locations.

Selecting a leadership style based on the maturity and competency level of those who will complete the task.

An acronym used to guide effective goal setting, where goals are Specific, Measurable, Attainable, Relevant, and Time-Based.

The practice of including social media as part of a company’s marketing program.

An economic and political system where the means of production are owned by the public or the state, rather than private individuals. It's based on the idea that shared ownership of resources leads to a more equitable society.

A simple and informal business structure that is easy to establish, making it the most common choice for new entrepreneurs.

The total number of direct subordinates that a manager can control or manage.

A reading system designed to help you study your textbook and apply reading and notetaking skills. The letters in SQ4R stand for five steps: survey, question, read, reflect, recite, and review.

Those affected by the business's operations and its decisions. Examples include shareholders, investors, the community, customers, competitors, and governmental agencies.

The level of comfort that people in a particular class or country have is measured by the output of goods and services that people can buy with their money.

A financial report that shows how much cash is coming in and going out of a business over a specific period of time.

The use of statistical techniques to control a process or production method.

An agreement between two companies (or a company and a nation) to pool resources in order to achieve business goals that benefit both partners.

The steps that an organization takes to ensure that it has the right number of employees with the right skills in the right places at the right times.

The practice of setting goals and objectives, analyzing internal and external business factors, product planning, implementation, and tracking progress.

The analysis of competitive opportunities and threats, as well as the strengths and weaknesses of the organization to determine how to position the organization to compete effectively in its environment.

A physical, mental, and emotional response to a difficult event.

The quantity of a product that sellers are willing to sell at various prices.

The network of individuals, organizations, resources, activities, and technologies involved in the production and distribution of a product or service.

The monitoring and optimization of the production and distribution of a company’s products and services.

A set of 17 goals set out by the United Nations that aim to achieve peace and prosperity for people and the planet.

An examination of the internal and external factors that impact the organization and its strategies. Generally, the internal factors are strengths and weaknesses; the external factors are opportunities and threats.

Intermediate-range planning mostly undertaken by middle-level managers over the course of one to three years that is designed to develop relatively concrete and specific means to implement the strategic plan.

A group of consumers, with similar needs and wants, likeliest to buy a company's product or service, toward which a firm directs its marketing efforts.

Taxes on imports.

Roles that help a team accomplish its goals.

A group of people with certain skills who share a common purpose, approach, and performance goals.

The strength and extent of interpersonal connection existing among the members of a group.

The breakdown of interpersonal relationships between members of a team.

The skills needed to perform specific tasks.

The practice of working from home or from some other non-work location.

The practice of planning and controlling how you use your time to be more productive and efficient.

Techniques that help you plan and organize your time to complete tasks and achieve goals.

The concept that money available now has greater potential to grow than the same amount received later, thanks to earning opportunities like interest or investment returns.

The management level responsible for setting objectives, scanning the business environment, and planning and making decisions that affect the overall health of the organization.

The continual process of detecting and reducing or eliminating errors in manufacturing to streamline supply chain management, improve the customer experience, and ensure that employees are well-trained.

Policies that restrict free trade by allowing governments to continue to control trade.

A favourable balance of trade that occurs when a country sells more products to other countries than it buys from them.

A leadership style that motivates and inspires positive change in followers.

The percentage of the labour force that is unemployed and actively seeking work.

A product or service's inherent usefulness or ability to satisfy a customer's needs and wants. It is often measurable and tied directly to functionality.

The customer’s perception of the benefits they receive compared to the cost or effort required to obtain the product.

The process of converting data into graphical representations using tools such as Tableau, Power BI, and Google Charts to make complex datasets easier to understand and interpret.

A situation where an employee chooses to leave their job of their own accord, without pressure from their employer.

Someone who reports waste, fraud, abuse, corruption, or dangers to public health and safety to someone who is in a position to rectify the wrongdoing.

A shared set of values, beliefs and attitudes that guide an organization, reflected in the way a company treats its customers and employees.

A balance between one's personal and work life.

An international financial institution that provides economic assistance to developing and low-income countries.

An organization that encourages global commerce and lower trade barriers, enforces international rules of trade, and provides a forum for resolving disputes.