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15 Cards in this Set

  • Front
  • Back
all profit seeking activities and enterprises that provide goods and services necessary to an economic system
rewards for businesspeople who take the risks involved to offer goods and services to customers
factors of production
four basic inputs for effective operation: natural resources, capital, human resources, and entrepreneurship
private enterprise system
economic system that rewards businesses for their ability to identify and serve the needs and demands of customers
battle among businesses for consumer acceptance
person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business
name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings
worldwide network of interconnected computers that within limits, lets anyone with a PC or other computing device send and receive images and data anywhere
relationship management
collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties
customer's perception of the balance between the positive traits of a good or service and its price
customer satisfaction
ability of a good or service to meet or exceed a buyer's needs and expectations
relationship between the number of units produced and the number of human and other production inputs necessary to produce them
not-for-profit organizations
businesslike organization such a charitable group, social welfare agency, or religious congregation that pursues objectives other than returning profit to its owners
natural resources
all production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits
production inputs consisting of technology, tools, information, and physical facilities