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10 Cards in this Set
- Front
- Back
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Business
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those organizations that try to create value for the customer.
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Profit
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The difference between revenue (income or sales) and expenditure )cost of goods or services lost).
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Not for profit organizations
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primary objective is to provide goods and services to society without the goal of making a profit.
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factory system
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method of mass production in which raw materials, machinery, and labor are brought together to produce goods less expensively than in dispersed locations.
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specialization of labor
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grouping employees to work on assignment tasks on basis of specific skills and factory demand
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laissez-faire
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system followed by the nation at that time
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market domination
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strategy of either aquring competitors or colluding with them to control product prices and precent new competitors from entering the market.
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antitrust policies
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government laws designed to break up monopolies ad control monopoly abuses by business.
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globalization
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the process for intergrating the market for goods and services worldwide
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new economy
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an economy largely driven by developments in information technology and the internet.
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