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30 Cards in this Set
- Front
- Back
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What is Business?
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Consists of all profit seeking activities and enterprises that provide goods and services necessary to an economic system
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Buyer
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Recognizes the need for a good or sercive
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Seller
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Who recieves money for their goods and services and recieves money for it
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Profits
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Rewards for business owners who risk blending people, technology, and information to create and market goods or services
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Non-Profit Organizations
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Business like establishments that have primary objectives other than pofits
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Factors of Production
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Particular raw materials and inputs needed for a successful operation
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Natural resources
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Includes all production in puts in their natural states, the basic material required in any economic system
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Capital
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A general term that includes technology, tools, information, and physical facilities needed to create and sustain a business
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Technology
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Machinery and equipment desinged to improve production or services, including computers and software, telecommunication, and inventions
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Human Resources
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Include everyone who works for an organization, regardless of the delegated work or the position held
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Entrepreneurship
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The willingtness to take the risks necessary to create and operate a business
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Entrepreneur
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Sees a potentially profitable opportunity and then devises a plan to achieve success in the marketplace
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Private Enterprise System
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An econmic structure that rewards businesses for their ability to percieve and serve the needs and demands of consumers
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"Invisible Hand" of Competition
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The battle among businesses for consumer acceptance where the government is not involved. Adam Smith 1776
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Competition
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Leads to the best goods and services for consumers, as popular products sell and weaker producers drop out of the marketplace
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Competitive Differentiation
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Is the unique mix of organizational abilities, products and approaches that sets a company apart from its competitors, in the minds of the consumers
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What are the baisc rights in the private enterprise system?
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Right to have propert, all profits, freedom of choice, and fair competition
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The Right to Private Property
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Every person has the right to own, use, buy, sell and bequeath most forms of property
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The Right to All Profits
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Business owners are guaranteed, legally and ethically, the right to all profits after taxes earned through their activities
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The Right to Freedom of Choice
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Citizens are allowed to choose their own employment, purchases, and investments
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The Right to Fair Competition
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The pulic is allowed to set rules for competitive activities
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Entrepreneurs
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Risk takers who are free to use their capital, time, and talents to pursue profits
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The Colonial Period
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Focused on rural and agricultural production with small towns acting as simplie distribution centers
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The Industrial Revolution
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Marked a transformation into manufacturing with factories
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The Age of Industrial Entrepreneurs
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Led to new inventions and innovations for the industry
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The Production Era
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Met a growing demand for manufactured goods with an increase in assembly-line factories
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The Marketing Era
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Shifted focus to customers' wants and needs along with the ways to fulfill those desires, leading to sophisticated marketing and advertising tactics
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The Relationship Era
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Changed the way businesses relate to their customers by stressing long-term relationships that benefit both buyers and sellers
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Specialization of Labor
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Led to faster and more efficient production of goods
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The Assembly Line
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Introduce by Henry Ford, became a commonplace, with each worker repeating a few tasks throughout a shift
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