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Class Study Guide

QuestionAnswer
business organization that produces or distributes a food or service for profit
production involves making a product or providing a service
manufacturing firm businesses that produce goods
service firm business that provides assistance to satify specialized needs through skilled workers
finance deals with all money matters related to running a business
industrial business firms that produce goods that are oftenused by other businesses or organizations to make things
third world nation counties that are underdeveloped, have few manufacturing firms, and have large numbers or poor
commercial business firms engaged in marketing, finance, and furnishing services
services activities of value, intangible procudts, labor intensive
industry a word often used to refer to all businesses within a category
global competition ability of profit-making organizations to compete with other businesses in other countries
effectiveness occurs thwn an organization makes the right decisions in deciding what products or services lower costs
telecommute a system involving the electronic movement of information from one location to another
recycling the reuse of products or packaging whenever possible
ethics code of moral conduct that sets standards for right or wrong
confidentiality keeping sensitive company information secret
code of ethics a formal published collection of values and rules
social responsibility duty of a business to contribute to the well-being of society
stakeholders owners, customers, suppliers, employees, etc who are affected by a firm's action
non-governmental organization independent groups that influence business through lobbying, publicity, and presure tactics
efficiency occurs when an organization produces needed goods or services quickly at low costs
domestic goods products made by firms in the US
foreign goods products made by firms in other countries
total quality management a commitment to excellence that is accomplished through teamwork and continual improvement
output the quality or amount produced within a given time
productivity producing the largest quantity in the least time by using effieient me
mass production an assembly process where a large number of products are produced identical
downsize cuttng back on the goods and services provided and shrinking the firm size and employees
empowerment authority given to individual employees to solve problems on the job with resources
gross domestic product total market value of all goods produced and services provided in a country within a year
underground economy income that escapes being recorded in the GDP
entrepreneur a person who starts, manages, and owns a business
small business term applied to any business that is operated by one or a few individuals
franchise legal agreement between a company and a distributor to sell its product or service under special conditions
franchisor the parent company of a franchise agreement that provides the product or service
franchisee the deistributor 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
employee stock ownership a benefit plan that gives company stock as bonuses or allows employees to purchse the stock at a discount
 

 



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