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29 Cards in this Set
- Front
- Back
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Business
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An organization that produces or distrubutes a good or service for profit.
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Production
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Involved 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, such as doctors, travel agents, and taxi drivers
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Finance
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Deals with all money matters related to running a business.
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Industrial Business
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Produce good used by other businesses or organizations to make things
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Commercial Businesses
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engaged un marketing ( wholesalers and retailers), in finance (bank and investment companies), and in furnishing services (medical offices, athletic centers and motels
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Services
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intangible products that use mostly labor to satisfy consumer need
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Industry
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a word often used to refer to all businesses ina category
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Global Competition
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the ability of profit-making organizations to compete with businesses in other countries
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Effectiveness
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Making the right decisions about what products or services to offer customersand how to produce and deliver them
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Efficiency
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producing needed goods or services 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 Managment (TQM)
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a commitment to excellence that is accomplished by teamworkand continual improvement
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Output
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the quantity produce within a given time
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productivity
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refers to producing the largest quantity in the 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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Downsize
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cutting back on the goods and services provided and the number of employees needed to produce them
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Empowerment
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letting the workers decide how to perform thier work tasks and offer ideas on how to improve the process.
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Gross domestic Product (GDP)
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the first measure of the nation's economic wealth
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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 own a business
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Small business
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the term applied to any business that is operated by one or a few individuals
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franchise
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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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Franchisor
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two parties to a franchise agreement
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franchisee
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distibutor 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 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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