| A | B |
|---|
| Business | An organization that produces or distributes a good or service for profit. |
| Production | Involves making a product or providing a service. |
| Manufacturing firms | Businesses that produce goods. |
| Service firms | Businesses that provide assistance to satisfy specialized needs through skilled workers. |
| Finance | Deals with all money matters related to running a business. |
| Supply | Refers to the number of similar products that will be offered for sale at a particular time and at a particular price. |
| Demand | Refers to the number of similar products that will be bought at a given time and price. |
| Industrial Businesses | Firms that produce goods that are often used by other business or organizations to make things. |
| Third World Nations | Countries that are underdeveloped, have few manufacturing firms, and have large numbers of poor people who possess few goods. |
| Commercial Businesses | Firms engaged in marketing, in finance, and in furnishing services. |
| Industry | A word often used to refer to all business within a category. |
| Services | Intangible products that result from a high degree of labor input and that satisfy consumer needs. |
| Global Competition | The ability of profit-making organizations to compete with other businesses in other countries. |
| Effectiveness | Occurs when an organization makes the right decisions in deciding what products or services to offer customers or other users. |
| Efficiency | Occurs when an organization produces needed goods or services quickly at low cost. |
| Domestic Goods | Products made by firms that in the United States. |
| Foreign Goods | Products made by firms in other countries. |
| Total Quality Management (TQM) | A commitment to excellence that is accomplished by teamwork and continual improvement. |
| Output | The quantity, or amount, produced within a given time. |
| Prodcutivity | Refers to producing the largest quantity in the least time by using efficient methods and modern equipment. |
| Mass Production | Occurs when up-to-date equipment and assembly line methods are used to produce large quantities of identical goods. |
| Downsize | Cutting back on the goods and services provided and thereby shrinking the size of a firm and the number of employees. |
| Empowerment | Lets workers decide how to perform their work tasks and offer ideas on how to improve the work process. |
| Gross Domestic Product (GDP) | The total market value of all goods produced and services provided in a country in a year. |
| Underground Economy | Income that escapes being recorded in the GDP. |
| Entrepreneur | A person who starts, manages, and owns a business. |
| Small Business | The term applied to any business that is operated by one or a few individuals. |
| Franchise | A legal agreement between that provides the product or service. |
| Franchisor | The parent company of a franchise agreement that provides the product or service. |
| Franchisee | The distributor of a franchised product or service. |
| Intrapreneur | A employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service. |
| Employee Stockownership Plan (ESOP) | Permits employees to directly own the company in which they work by allowing them to buy shares in it. |
