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Beck Mgmt. Chp.1
| Question | Answer |
|---|---|
| businesses that produce goods used by other businesses or organizations to make things | industrial users |
| organization that produces or distributes a good or service for profit | business |
| producing products/services quickly, at low cost, without wasting time and materials | efficiency |
| something entirely new | innovation |
| businesses that use mostly labor to offer mostly intangible products to satisfy consumer needs | service business |
| activity that involves making a product or providing a service | production |
| ability of businesses from one country to compete with similar businesses in other countries | global competition |
| parent company of a franchise agreement that provides the product or service | franchisor |
| quantity produced within a given time | output |
| all businesses within a category doing similar work | industry |
| total market value of all goods and services produced in a country in a year | gross domestic product |
| products made by firms in other countries | foreign goods |
| someone who starts, manages, and owns a business | entrepreneur |
| to reduce the amount and variety of goods/services produced and the number of employees needed to produce them | downsizing |
Created by:
hbeck1973
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