| A | B |
|---|
| downsize | Cut back on goods and services provided. |
| effectiveness | Occurs when an organization makes the right decisions about what products or services to offer. |
| efficiency | Occurs when an organization produces needed goods or services quickly at low cost. |
| empowerment | The parent company that provides a franchised product or service. |
| entrepreneur | One who starts, manages, and owns a business. |
| franchisee | The distributor of a franchised product or service. |
| franchisor | The parent company that provides a franchised product or service. |
| industry | All businesses within a category. |
| intrapreneur | An employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service. |
| mass production | The process of producing large quantities of identical goods. |
| output | The quantity, or amount, produced in a given time. |
| risk | The possibility of failure. |
| third world | Few manufacturing firms and a population that is generally poor. |
| gross domestic product (GDP) | The total market value of all goods and services produced in a country in a year. |
| total quality management (TQM) | A commitment to excellence that is accomplished by teamwork and continual improvement. |
