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