IDC4U - Final Exam Key Terms

Definition: the portion of the home used for business versus living space

• Supply

• Harvesting

• Clustering

• Space Percentage

Definition: Land, labor, and capital; the three groups of resources that are used to make all goods and services

• factors of production

• liquidation

• vision

• diversification

Definition: the strategy of similar business locating near each other

• Clustering

• Advertising

• Diversification

• Space Percentage

a statement of the organization's purpose - what it wants to accomplish in the larger environment

• Vision

• Mission Statement

• Socialism

• Operations

selling the right to use some process, trademark, patent, or other right for a fee or royalty

• Licensing

• Skim Pricing

• Advertising

• Advertising

a selection method that uses cost-volume comparison

• Location Break Even Analysis

• Business Plan

• Visual Control

• Mission Statement

material goods, natural resources, or information used to create other goods or information

• productive resources

• licensing

• visual control

• process layout

A system in which society, usually in the form of the government, owns and controls the means of production.

• Socialism

• Mission Statement

• Economics

• Capitalism

Functional grouping of equipment or activities that do similar work.

• Process Management

• Fixed-position Layout

• Process Layout

• Productive Resources

A wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods.

• liquidation

• licensing

• agent

• sales promotion