Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/10

Click to flip

10 Cards in this Set

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