Vocab Ch. 6

Global Competition

• Making a product or providing a service.

• Making a product or providing a service.

• Ability of profit-making organizations to compete with business in other countries.

• Deals with all money matters related to running a business.

Effectiveness

• Businesses that use mostly labor to offer mostly intangible products to satisfy consumer needs.

• Is letting workers decide how to perform their work tasks and offer ideas on how to improve the work process.

• Making a product or providing a service.

• Means making the right decisions about what produces or services to offer customers and how to produce and deliver them.

domestic goods

• Products made by firms in the United States.

• Cutting back on the goods or services provided.

• Means making the right decisions about what produces or services to offer customers and how to produce and deliver them.

• Total market value of all goods and services produced in a country in a year.

franchisor

• The activities between business and customers involved in buying and selling goods and services.

• The parent company of a franchise agreement that provides the product or service.

• An organization that produces or distributes a good or service for profit.

• Businesses that use mostly labor to offer mostly intangible products to satisfy consumer needs.

Finance

• Term applied to any business that is operated by one or a few individuals.

• Ability of profit-making organizations to compete with business in other countries.

• Businesses that use mostly labor to offer mostly intangible products to satisfy consumer needs.

• Deals with all money matters related to running a business.

goods-producing businesses

• Firms produce goods used by other businesses, organizations, or consumers.

• Products made by firms in the United States.

• The distributor of a franchised product or service.

• Total market value of all goods and services produced in a country in a year.

Services Business

• Firms produce goods used by other businesses, organizations, or consumers.

• Businesses that use mostly labor to offer mostly intangible products to satisfy consumer needs.

• The parent company of a franchise agreement that provides the product or service.

• An organization that produces or distributes a good or service for profit.

Gross Domestic Product (GDP)

• Total market value of all goods and services produced in a country in a year.

• The distributor of a franchised product or service.

• Means making the right decisions about what produces or services to offer customers and how to produce and deliver them.

• Products made by firms in other countries.

Gross National Product (GNP)

• Total market value of all goods and services produced in a country in a year.

• Businesses that use mostly labor to offer mostly intangible products to satisfy consumer needs.

• The total value added from domestic and foreign sources claimed by residents of a country.

• Produce Goods.

Business

• An organization that produces or distributes a good or service for profit.

• Products made by firms in other countries.

• Businesses that use mostly labor to offer mostly intangible products to satisfy consumer needs.

• Ability of profit-making organizations to compete with business in other countries.