Details

Title: Business Principles & Management Chapter 1Terms

Description: vocabulary

Total Flash Cards: 13

Created: 09/02/2009 08:12:21

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Cards in this set:

Term
Services
 Definition
intangible products that use mostly labor to satisfy consumer needs
Term
Business
 Definition
an organization that produces or distributes a good or service for profit
Term
Underground economy
 Definition
income that escapes being recorded in the GDP
Term
third world nations
 Definition
nations that have few manufacturing firms and a population that is generally poor
Term
Finance
 Definition
deals with all money matters related to running a business
Term
manufacturing firms
 Definition
produce goods
Term
service firms
 Definition
proved assistance to satisfy specialized needs through skilled workers
Term
Industry
 Definition
refers to all businesses within a category
Term
global competition
 Definition
the ability of profit-making organizations to compete with businesses in other countries
Term
effectiveness
Definition
making the right decisions about what products/services to offer customers and how to produce & deliver them.
Term
Efficiency
Definition
producing needed goods/services quickly and at low cost
Term
Domestic goods
 Definition
products made by firms in the United States
Term
Foreign goods
 Definition
products makde by firms in other countries