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Bus Ess Ch 1
Class Study Guide
| Question | Answer |
|---|---|
| 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 |
Created by:
vicki_beauchamp@gwin
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