| A | B |
|---|
| domestic goods | products made by firms in the United States |
| downsize | To reduce the amount and variety of goods and services and the number of employees needed to produce them |
| efficiency | Producing product and services quickly, at low cost, without wasting time and materials |
| entrepreneur | Someone who starts, manages, and owns a business |
| foreign goods | Products made by firms in other countries |
| franchisee | The distributor of a franchised product or service |
| franchisor | Parent company of a franchise agreement that provides the product or service |
| global competition | the ability of businessses from one country to compete with a similar business in another country |
| goods-producing businesses | produce goods used by other businesses, organizations, governments or consumers |
| gross domestic product (GDP) | The total market value of all goods produced and services provided in a country in a year. |
| industry | all businesses within a category |
| innovation | a new idea or new implementation of an existing idea. |
| marketing | the activities between businesses and customers involved in buying and selling goods and services |
| output | Quantity produced within a given time |
| production | Making a product or providing a service. |
| productivity | Producing the largest quantity in the least time by using efficient methods and modern equipment, |
| service businesses | type of business that primarily use labor to offer mostly intangible products to satisfy consurmers |
