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18 Cards in this Set

  • Front
  • Back
Consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.
Represents rewards for businesspeople who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services.
Businesslike establishments that have primary objectives other than returning profits to their owners.
Not-for-profit organizations
Refers to the four basic inputs: natural resources, capital, human resources, and entrepreneurship.
Factors of Production
An economic system that rewards businesses for their ability to perceive and serve the needs and demands of consumers
Private Enterprise System
The battle among businesses for consumer acceptance.
The unique combination of organizational abilities and approaches that sets a company apart from competitors in the minds of consumers.
Competitive differentiation
A risk taker in the private enterprise system
Colonial, Industrial Revolution, Industrial Entrepreneurs, Production, Marketing, Relationship
Six eras in Business History
Can be a name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors offerings.
A worldwide network of interconnected computers that, within limits, lets anyone with access to a PC or other computing device send and receive images and data anywhere.
The collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties.
Relationship Management
The customer's perception of the balance between the positive traits of a good or service and its price.
The degree of excellence or superiority of a firm's goods and services.
The ability of a good or service to meet or exceed buyer needs and expectations
Customer Satisfaction
The relationship between the number of units produced and the number of human and other production inputs necessary to produce them.
The sum of all goods and services produced within its boundaries
Gross domestic product (GDP)
The ability to perceive marketplace needs and what an organization must do to satisfy them.