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1 . The management of systems or processes that create goods and / or provide services. 2 . Physical items produced by business organizations. 3

1. The management of systems or processes that create goods and/or provide services.
2. Physical items produced by business organizations.
3. The difference between the cost of inputs and the value or price of outputs.
4. A sequence of activities and organizations involved in producing and delivering a good or service.
5. One or more actions that transform inputs into outputs.
6. Activities that provide some combination of time, location, form, and psychological value.
7.3 Circle Model/diagram that depicts the relationship between entities
8. A set of interrelated parts that must work together.
9. A few factors account for a high percentage of the occurrence of some event(s).
10. System in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods.
11. The breaking up of a production process into small tasks, so that each worker performs a small portion of the overall job.
12. Parts of a product made to such precision that they do not have to be custom fitted.
13. System in which low-skilled workers use specialized machinery to produce high volumes of standardized goods.
14. The application of scientific discoveries to the development and improvement of goods and services.
15. Use of the Internet to transact business
16. A process for reducing costs, improving quality, and increasing customer satisfaction.
17. The ability of an organization to respond quickly to demands or opportunities.
18. Using resources in ways that do not harm ecological systems that support human existence.
19. Consumer-to-business transactions.
20. A standard of behavior that guides how one should act in various situations.

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