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

1/15

Click to flip

15 Cards in this Set

  • Front
  • Back
business
all profit seeking activities and enterprises that provide goods and services necessary to an economic system
profits
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
competition
battle among businesses for consumer acceptance
entrepreneur
person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business
brand
name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings
Internet
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
value
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
productivity
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
capital
production inputs consisting of technology, tools, information, and physical facilities