| A | B |
|---|
| the application of scientific knowledge in business or industry | technology |
| new ways of doing things | innovations |
| producing goods and services in large quantities through specialized labor | mass production |
| perfected by Henry Ford | assembly line |
| 10,000 were produced in 1908 | Model-T Fords |
| create products and services for distribution | producers |
| materials gathered in their original state from natural resources | raw goods |
| they change natural materials from their original forms into more finished forms | processors |
| the output of businesses that change raw goods into more finished forms | processed goods |
| they turn raw or processed goods into finished goods | manufacturers |
| businesses taht moves goods from one business to another | intermediary |
| businesses that buy goods from manufacturers and resells them | wholesaler |
| business that sells directly to the consumer | retailer |
| repair shops, car washes, hair salons | service firms |
| a company that sells all or most all of a product or service and has little or no competitionn | monopoly |
