Ch. 1 Vocab 2
Terms
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- Business
- An organization that produces or distrubutes a good or service for profit.
- Production
- 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
- Finance
- 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
- Services
- intangible products that use mostly labor to satisfy consumer need
- Industry
- 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
- Effectiveness
- Making the right decisions about what products or services to offer customersand how to produce and deliver them
- Efficiency
- 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
- Output
- the quantity produce within a given time
- productivity
- 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
- Downsize
- cutting back on the goods and services provided and the number of employees needed to produce them
- Empowerment
- 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
- Entrepreneur
- 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
- franchise
- 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
- Franchisor
- two parties to a franchise agreement
- franchisee
- distibutor of a franchised product or service
- 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 or service