| A | B |
|---|
| TQM | commitment of excellence |
| franchised product | In return for payment of franchise fees, a franchisee is given exclusive rights to sell THIS |
| work flow | one typical effect of re-engineering is improved THIS |
| society | To be successful, a manager must guide a business to react quickly to the changing nature of THIS |
| innovation | A new idea or a new implementation of an existing idea |
| always | Innovations almost ___________ affect business operations |
| TQM | Elements of THIS include improved work procedures, extensive training, teamwork |
| home country | The term “domestic goods” refers to products made by firms where? |
| GDP | The total market value of all goods produced and services provided in a country in a year |
| 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 ways to produce and deliver them. |
| finance | Business activity that deals with all money matters related to running a business |
| empowerment | Letting workers decide how to perform their work tasks and offer ideas on how to improve the work process |
| underground economy | Income that is not recorded in the GDP. |
| franchisee | The distributor of a franchised product or service |
| foreign goods | Products made by firms in other countries. |
| output | The quantity, or amount, produced within a given time |
| productivity | Producing the largest quantity in the least time by using efficient methods and modern equipment |
| decreases | what happens to the cost of each unit produced in mass production |
| franchise | a good option for starting a business if a person has limited business experience |
| economy | an example of the underground____________ is your parents paying you $15 to mow the lawn |
| downsizing | Laying off workers or dropping unprofitable products are examples of THIS |
| Illegal | Although some underground economy activities are THIS not all are |
| coal mine | An example of an goods-producing business |
| higher | The failure rate for nonfranchised businesses is __________than the failure rate for franchised businesses |
| fewer | ______________ managers are usually needed when workers are empowered |
| Production | THESE businesses engage in producing things |
| wealth | GDP is a good indicator of a nation’s economic __________ |
| taxed | Activities in the underground economy are NOT _________ |
| effectiveness | Knowing what customers want is critical to achieving THIS NOT efficiency |
