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Chapter 1 Characteristics of Business

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Business
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An organization that produces a good or service for profit
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Production
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Making a product or providing a service
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Marketing
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The activities between a business and its customers
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Finance
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All of the money matters involved in running a business
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Industrial Business
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A business that produces goods and services for other businesses
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Commercial Business
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Firms that engage in marketing, finance, and furnishing services to consumers
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Service Business
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A business that uses primarily labor to produce a mostly intangible product to satisfy a need
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Industry
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All businesses within a category doing similar work
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Innovation
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Something developed by a business that is entirely new
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Global Competition
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The ability of businesses from one country to compete with businesses from another
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Effectiveness
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Making the right decisions about what products or services to offer customers
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Efficiency
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Producing products or services quickly, at low cost, and without wasting time or materials
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Domestic Goods
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Products made by firms within the United States
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Foreign Goods
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Products made by firms in other countries
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Output
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The quantity produced in a given amount of time
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Productivity
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Producing the largest amount in the least amount of time
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Downsize
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Reducing the amount and variety of goods and services produced and the number of employees needed to produce them
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Empowerment
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Letting workers participate in determining how to perform their work and how to improve work processes
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Gross Domestic Product
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The total Market Value of all goods and services produced in a country in a year
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Underground Economy
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Income that escapes being recorded in the GDP
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Entrepreneur
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Someone who starts, manages and owns a business
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Franchise
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A legal agreement in which investors purchase the right to sell a company’s product or service under the company’s name or trademark
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Franchisor
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The parent company of a franchise agreement
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Franchisee
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The distributor of a franchised product
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Intrapreneur
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An employee who is given funds and freedom to create a special unit or department within a company to develop a new product, process, or service