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9 Cards in this Set
- Front
- Back
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What is the difference between a business and a not-for-profit organization? |
business - profit is the main goal, provides tangible goods required for an economic system not-for-profit - have goals other than profit (ie. healthcare, museums, libraries) |
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What are the factors of production? |
factors of production - basic inputs for effective operation 1) natural resources 2) capital 3) human resources 4) entrepreneurship |
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What are the basic rights? |
Basic rights: 1) private property 2) competition 3) profits 4) freedom of choice |
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What is a private enterprise system? |
private enterprise system - an economic system that rewards firms for their ability to identify and serve the needs and demands of customers |
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What is an entrepreneur? |
entrepreneur - an individual who seeks a profitable opportunity and takes the necessary risks to set up and operate a business |
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What are the 6 eras of business? |
1) Colonial Period 2) Industrial Revolution 3) Industrial Entrepreneurs 4) Production 5) Marketing 6) Relationship |
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How are today's business workforce and the nature of work itself are changing? |
- Baby boomers are retiring -> extreme ends of the spectrum have to work/keep working - job expectations are changing due to diversity, outsourcing - younger generations are shifting away from the work-comes-first lifestyle - not interested in climbing the corporate ladder |
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What are the skills and attributes that managers need to lead businesses in the 21st century? |
vision – theability to perceive marketplace needs and what an organization must do tosatisfy them critical thinking– the ability to analyse and assess information to pinpoint problems oropportunities creativity – thecapacity to develop novel solutions to perceived organizational problems ability to lead change due to technology, marketplace demands and global competition |
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What makes a company admired? |
- solid profits - stable growth - safe and challenging workenvironment - high-quality goods and services - business ethics - social responsibility |
