Business Terms (Characteristics of a Business)

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

Quantity produced in a given period of time

Producing needed goods and services quickly and a low cost

Bonus: What are the two major types of business?

The distributor of franchised product or service

Someone who starts, manages and owns a business

Bonus: The difference between earned income and cost

Making right decisions about what products or services to offer customers

Intangible  products that use mostly labor to satisfy consumer needs

Refers to all businesses within a category

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

Producing the largest quantity in the least amount of time

The parent company that provides the product or service

Legal agreement in which a distributor buys the rights to sell franchising's products

Making a product or providing a service

Employee who is given funds and freedom to develop new products within a company