Chapter 1 Flashcards
an employee who is given funds to create something within a business
intrapreneur
the distributor of a franchised product or service
franchisee
the parent company of a franchise agreement
franchisor
a legal agreement in which an individual purchases the right to sell a company’s product or service using the company’s name and trademark
franchise
someone who starts, manages and owns a business
entrepreneur
income that is not counted towards GDP
underground economy
total market value of all goods and services produced within a country
gross domestic product (GDP)
letting workers make decisions about how work should be done
empowerment
reducing the number of products sold or employees
downsize
producing the largest quantity in the least amount of time by using efficient methods and modern equipment
productivity
the quantity produced within a given time
output
goods made in another country
foreign goods
goods made within a country
domestic goods
producing products and services quickly and at a low cost
efficiency
making the right decisions about what products or services to offer customers
effectiveness
the ability of a business in one country to compete with another business in a different country
global competition
something entirely new
innovation
refers to all businesses within a category
industry
type of commercial business that use mostly labor to offer mostly intangible products to satisfy consumer needs
service business
businesses engaged in marketing, finance and providing services
commercial businesses
businesses that produce used by other businesses
industrial business
deals with all money matters related to business
finance
includes activities between business and customers involved in buying and selling goods and services
marketing
making a product or providing a service
production
an organization that produces or distributes a good or service for profit
business