| A | B |
|---|
| business | An organization that produces or distributes goods and services for profit |
| profit | The difference between earned income and costs |
| Manufacturing firm | Produces goods |
| Service firm | Satisfies specialized needs |
| Finance | money matters |
| Industrial business | produces goods used by other businesses to make products |
| Commercial business | Marketing, finance, services |
| Services | intangible products use mostly labor to satisfy needs |
| Industry | Refers to all businesses within a category |
| Effectiveness | Making right decisions on how to produce and deliver products |
| Efficiency | Producing needed goods/services quickly and at a low cost |
| Domestic goods | Products made in United States |
| Foreign goods | Products made by other countries |
| TQM | Commitment to excellence by teamwork and improvement |
| Productivity | Producing largest quantity in the smallest amount of time |
| Downsize | Cutting back on employees, goods and services produced or |
| Gross Domestic Product | Total market value of all goods and services produced in a year |
| Entrepreneur | Person starts, manages and owns a business |
| Small business | Business operated by one of few individuals |
| Franchise | Legal agreement to sell products for a certain company |
| Franchisee | Distributor of a franchised product |
| Franchisor | Parent company of a franchise |
| Intrapreneur | Employee given funds/freedom to create a new product, process or service |
