| A | B |
|---|
| business | a organization that produces or distributes a good or service for a profit |
| profit | difference between income and cost |
| production | making a product or providing a service |
| marketing | activities between businesses and customers involved in buyng and selling goods and services |
| finance | deals with all of the money matters involved in running a business |
| goods producing business | businesses that produce goods used by other businesses, organizations, governments, or consumers |
| service businesses | types of businesses that primarily use labor to offer mostly intangible products to satisfy consumer needs |
| industry | a word used to refer to all businesses within a category doing similar work |
| innovation | a new idea or new implementation of an existing idea |
| global competition | the ability of businesses from one country to compete with similar businesses in other countries |
| domestic goods | products made in the USA |
| foreign goods | products made by firms in other countries |
| effectiveness | making the right decisions about what products and services to offer customers and the best way to produce and deliver them |
| efficiency | producing products and services quickly at a low cost without wasting material |
| total quality management | a commitment to excellence accomplished by teamwork and continual improvement of work procedures and policies |
| output | the quantity produced within a given time frame |
| productivity | producing the largest quantity in the least amount of timeby using efficient methods and modern equipment |
| empowerment | letting workers participate in determining how to perform work task and offer ideas n how to improve work processes |
| gross domestic product(GDP) | the total markey value of all goods and services produced in a country in a year |
| underground economy | income that escapes being recorded in the GDP |
| franchise | a legal agreement in which an individual or small group of investors purchase the right to sell a company's product or service under the company's name and trademark |
| franchisee | the distributor of a franchised product or service |
| franchisor | the parent company of a franchise agreement |
