Details Title: Business Principles & Management Chapter 1Terms Description: vocabulary Total Flash Cards: 13 Created: 09/02/2009 08:12:21		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Management Flashcards
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