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26 Cards in this Set
- Front
- Back
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Business
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An organization that produces or distributes a good or service for profit
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Production
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involves making a product or providing a service
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Manufacturing Firms
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produce goods
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Service Firms
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provide assistance to satisfy specialized needs through skilled workers
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Finance
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deals with all money matters related to running a business
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Industrial Businesses
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produce goods used by other business or organizations to make things
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Third World Nations
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have few manufacturing firms and a population that is generally poor.
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Commercial businesses
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Engaged in marketing (wholesalers) and retailers), in finance (banks and investment companies), and in furnishing services (medical offices, athletic centers, motels).
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Services
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intangible products that use mostly labor to satisfy consumer needs.
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Industry
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a word often used to refer to all businesses withing a category.
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Global competition
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the ability of profit-making organizations to compete with business in other countries
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effectiveness
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producing needed goods or service quickly and at a low cost
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Domestic Goods
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products made by firms in the United States
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Foreign Goods
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products made by firms in other countries
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Total Quality Management
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a commitment to excellence that is accomplished by teamwork and continual improvement.
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Output
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the quantity produced within a given time
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Productivity
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refers to producing the largest quantity in the least amount of time by using efficient methods and modern equipment
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Mass-Production
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the use of up-to-date equipment and assembly line methods to produce large quantities of identical goods
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Empowerment
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letting workers decide how to perform their work tasks and offer ideas on how to improve the work process
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Gross Domestic Product (GDP)
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the total market value of all goods and services in a country in a year
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Underground Economy
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Income that escapes being recorded in the GDP
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Entrepreneur
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Someone who starts, manages, and owns a business
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Franchise
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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
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Franchisee
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the dristributor of a franchised product or service
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intrapreneur
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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
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Employee stock ownership plan (ESOP)
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permits employees to directly own the company in which they work by allowing them to buy shares in it.
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