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10 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
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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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Not-for-profit organization
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Organization that has primary objectives such as as public service rather than returning a profit to its owners.
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Factors of production
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Four basic inputs inputs for effective operation: natural resources, capital, human resources, and entrepreneurship.
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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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Private Enterprise system
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Economic system that rewards firms for their ability to identify and serve the needs and demands of customers.
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Capitalism
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Economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system.
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Competition
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Battle among businesses for consumer acceptance.
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Competitive Differentiation
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Unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers.
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