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19 Cards in this Set
- Front
- Back
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Entrepreneur |
A person who plans,organizes, and manages a business, combining the other 3 factors of production - In the developed countries, most entrepreneurs are service related. |
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Intrapreneur |
A person who acts an an entrepreneur with in an organization. - Entrepreneurs want to hire good intrapreneurs for the development of the company. |
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4 Factors of Production |
Land, labor, capital - Business is based on the 3 factors of production which are land, labor, and capital. |
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Change |
The work of making something different. - 21st century has faced a lot of rapid changes in the society. |
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Culture |
Sharing of tradition, thoughts and ideas by group of people. - Accepting different culture is key to success in global market. |
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Ethics |
Moral principle - Ethics versus profit is something that cause conflicts. |
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Globalization |
Expanding to the world. Engaging in the global market - Through globalization, companies can earn profits. |
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Innovation |
Creation of something new or developing for what once existed - Innovation was the key to success in the business. |
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Strategy |
A plan of action - With good strategy, Apple successfully became the biggest IT company in the world. |
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Business sectors |
4 sectors of business, different types of business - primary, secondary, tertiary and quaternary sectors |
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Primary sector |
Getting resources, fishing agriculture - Primary sector adds little value. |
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Secondary sector |
Developing the resources into a product - Making coca cola from water, and sugar is a secondary sector |
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Tertiary sector |
Service related work - Most pre-entrepreneurs want to be engaged in a tertiar sector |
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Goods |
Product that company produces - Selling goods to customer requires strategies. |
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Services |
Serving to helping business or individual. - Service is a crucial part of US's economy |
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Human Resources |
Labor in the business - Human resources is what runs the comapny |
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Physical Resources |
Man made products that are like capital in the industry. - Physical resources like machines are required in every industry, and business. |
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Financial Resources |
Money required to maintain and manage the company. - With high financial resources, company is most likely to develop. |
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Sectoral Change |
Moving from one business sector to another. - As country develops in it's economy, it also experiences sectoral change. |
