MGMT 1000 Lecture Notes - Lecture 2: Technology Transfer, Outsourcing, Viral Marketing

• School: University of Guelph
• Department: Management
• Course: MGMT 1000
• Professor: Jacqueline Murray

Document Summary

Aggregate output: total quantity of goods and services produced by an economic system during a given period. Applied r&d: focusing specifically on how a technological innovation can be put to use in the making of a product or service that can be sold in the marketplace. Balance of trade: the total of a country"s exports (sales to other countries) minus its imports (purchases from other countries). Basic (or pure) r&d: improving knowledge in an area without a primary focus on whether any discoveries that might occur are immediately marketable. Budget deficit: the result of the government spending more in one year than it takes in during that year. Business cycle: pattern of short-term ups and downs (expansions and contractions) in an economy. Business process management: approach by which firms move away from department- oriented organization and toward process-oriented team structures that cut across old departmental boundaries.