Business Final

Front 1

business

Back 1

An organization that produces or distributes a good or service to a selected group of people.

Front 2

production

Back 2

Making a product or producing a service.

Front 3

Manufacturing Firms

Back 3

Makes good that are typically sold to customers through stores.

Front 4

Service business

Back 4

provide assistance to accomplish specialized needs.

Front 5

Finance

Back 5

money matters involved in running a business.

Front 6

Industrial Business

Back 6

makes goods that are sold to other businesses for their use in making goods.

Front 7

Third world Nations

Back 7

few manufacturing firms and relatively poor.

Front 8

Domestic Goods

Back 8

Products made by firms in the US

Front 9

Foreign Goods

Back 9

Products made by firms in other countries.

Front 10

Output

Back 10

Quantity produced within a given time

Front 11

Productivity

Back 11

producing the largest quantity in the least amount of time by using efficient methods and modern equipment.

Front 12

Mass Production

Back 12

using up-to-date equipment and assembly line methods to produce large quantities of identical goods.

Front 13

Downsize

Back 13

to make a company or organization smaller by eliminating something.

Front 14

Gross Domestic Product

Back 14

the amount of goods and services produced in a year, in a country.

Front 15

Commercial Business

Back 15

Engaged in either marketing, finance, or services.

Front 16

Global Competition

Back 16

business competition among countries around the globe.

Front 17

Effectiveness

Back 17

Occurs when an organization makes the right decisions about what products or services to offer customers and how to produce and deliver them.

Front 18

Efficiency

Back 18

occurs when an organization produces needed goods or services quickly and at low cost.

Front 19

Franchise

Back 19

– a legal agreement in which a distributor buys the right to sell the franchising company’s product or service under the company’s name and trademark

Front 20

Franchisee

Back 20

distributor of a franchised product or service

Front 21

Franchisor

Back 21

parent company of a franchise agreement that provides the product or service.

Front 22

Underground Economy

Back 22

the amount of business that takes place and amount of money that people make and do not report on their state and federal income taxes.

Front 23

Entrepreneur

Back 23

A person who organizes and manages any enterprise.

Front 24

Intrapreneur

Back 24

An employee of a large corporation who is given freedom and financial support to create new products, services, systems, etc.

Front 25

Small business

Back 25

Any business that is operated by one or a few individuals.

Front 26

Baby boom

Back 26

High birth rate from 1945-1965, sometimes called “boomers”; more people now in 40-60 age groups

Front 27

Baby bust

Back 27

Low birth rate after “boomers”; called “busters”

Front 28

sun belt

Back 28

Warmer southern half of country

Front 29

frost belt

Back 29

colder northern half of the country.

Front 30

Code of Ethics

Back 30

Formal, published collection of values and rules that reflect the firm’s philosophy and goals.

Front 31

Business Ethics

Back 31

Collection of principles and rules that define what is right and wrong conduct for an organization.

Front 32

Social Responsibility

Back 32

duty of a business to contribute to the well-being of society

Front 33

Recycling

Back 33

reusing products and packaging when it is possible.

Front 34

Comparable Worth

Back 34

paying workers equally for jobs with similar but not identical job requirements.

Front 35

Generation X

Back 35

People born between 1965-1977