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29 Cards in this Set

  • Front
  • Back
An organization that produces or distrubutes a good or service for profit.
Involved making a product or providing a service.
Manufacturing Firms
Produce goods
Service Firms
Provide assistance to satisfy specialized needs through skilled workers, such as doctors, travel agents, and taxi drivers
Deals with all money matters related to running a business.
Industrial Business
Produce good used by other businesses or organizations to make things
Commercial Businesses
engaged un marketing ( wholesalers and retailers), in finance (bank and investment companies), and in furnishing services (medical offices, athletic centers and motels
intangible products that use mostly labor to satisfy consumer need
a word often used to refer to all businesses ina category
Global Competition
the ability of profit-making organizations to compete with businesses in other countries
Making the right decisions about what products or services to offer customersand how to produce and deliver them
producing needed goods or services quickly and at a low cost
Domestic goods
products made by firms in the United States
Foreign goods
Products made by firms in other countries
Total Quality Managment (TQM)
a commitment to excellence that is accomplished by teamworkand continual improvement
the quantity produce within a given time
refers to producing the largest quantity in the amount of time by using efficient methods and modern equipment
Mass Production
the use of up-to-date equipment and assembly line methods to produce large quantities of identical goods
cutting back on the goods and services provided and the number of employees needed to produce them
letting the workers decide how to perform thier work tasks and offer ideas on how to improve the process.
Gross domestic Product (GDP)
the first measure of the nation's economic wealth
Underground economy
income that escapes being recorded in the GDP
someone who starts, manages, and own a business
Small business
the term applied to any business that is operated by one or a few individuals
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
two parties to a franchise agreement
distibutor of a franchised product or service
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
Employee stock ownership plan (ESOP)
permits employees to directly own the company in which they work by allowing them to buy shares in it.