| A | B |
|---|
| business | an organization that produces or distributes a good or service for profit |
| production | making a product or providing a service. |
| marketing | the activities between business and customers involved in buying and selling goods and services. |
| finance | deals with all of the money matters involved in running a business. |
| goods-producing businesses | produces goods used by other businesses, organization, or consumers. |
| service businesses | type of business that uses mostly labor to offer mostly intangible products to satisfy consumer needs. |
| industry | refers to all businesses within a category doing similar work. |
| innovation | affects the kinds of products and services offered for sale by other businesses. |
| global competition | the ability of businesses from one country to compete with similar businesses in other countries. |
| effectiveness | making the right decisions about what products or services to offer customers and the best way to produce and deliver them. |
| efficiency | producing products and services quickly, at low cost, without wasting time and materials. |
| domestic goods | products made by firms in the United States |
| foreign goods | products made by firms in other countries. |
| output | the quantity produced within a given time. |
| productivity | refers to producing the largest quantity in the least amount of time by using efficient methods and modern equipment. |
| downsize | reducing the amount and variety of goods and serviced produced and the number of employees needed to produce them. |
| empowerment | letting workers participate in determining how to perform their work tasks and offer ideas on how to improve the work process. |
| gross domestic product (GDP) | the chief measure of a nation's economic wealth. |
| underground economy | income that escapes being recorded in the GDP. |
| entrepreneur | someone who starts, manages, and owns a business. |
| franchise | a legal agreement in which an individual or small group of investors purchases the right to sell a company's product or service under the company's name and trademark. |
| franchisor | the parent company of a franchise agreement that provides the product or service. |
| franchisee | the distributor of a franchised product or service. |
