| A | B |
|---|
| business | an organization that produces or distributes a good or service for profit |
| production | the first activity in making a product |
| manufacturing firms | produces goods |
| service firms | provides assistance to satisfy specialized needs |
| finance | deals with all money matters in a business |
| industrial business | produces goods used by other businesses |
| third world nations | poor populations; few manufacturing firms |
| commercial businesses | engaged in marketing, finance and services |
| services | intangible products; requires mostly labor |
| industry | a word to refer to all businesses in a category |
| global competition | businesses who compete with other businesses around the world |
| effectiveness | making the right decisions about products |
| efficiency | producing goods quickly and at a low cost |
| domestic goods | products made in the U.S. |
| foreign goods | products made in other countries |
| TQM | commitment to excellence accomplished by teamwork and continued improvement |
| output | quantity produced within a given time |
| productivity | producing the largest quantity in the least amount of time |
| mass production | producing large quantities of one product |
| downsize | cutting back on goods and services provided and the number of employees to produce them |
| empowerment | letting workers decide how to perform their work tasks |
| gross domestic product | total market value of all goods and services produced in a country |
| underground economy | income earned that is not reported in the GDP |
| entrepreneur | someone who starts, manages and owns a business |
| small business | a business that is owned or operated by only one or a few people |
| franchise | legal agreement in which a distributor buys the right to sell a certain product |
| franchisor | the parent company |
| franchisee | a distributor of a franchised product or service |
| intrapreneur | a businesses within a business |
| ESOP | program that allows employees to take ownership in a business |
