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30 Cards in this Set

  • Front
  • Back
What is Business?
Consists of all profit seeking activities and enterprises that provide goods and services necessary to an economic system
Recognizes the need for a good or sercive
Who recieves money for their goods and services and recieves money for it
Rewards for business owners who risk blending people, technology, and information to create and market goods or services
Non-Profit Organizations
Business like establishments that have primary objectives other than pofits
Factors of Production
Particular raw materials and inputs needed for a successful operation
Natural resources
Includes all production in puts in their natural states, the basic material required in any economic system
A general term that includes technology, tools, information, and physical facilities needed to create and sustain a business
Machinery and equipment desinged to improve production or services, including computers and software, telecommunication, and inventions
Human Resources
Include everyone who works for an organization, regardless of the delegated work or the position held
The willingtness to take the risks necessary to create and operate a business
Sees a potentially profitable opportunity and then devises a plan to achieve success in the marketplace
Private Enterprise System
An econmic structure that rewards businesses for their ability to percieve and serve the needs and demands of consumers
"Invisible Hand" of Competition
The battle among businesses for consumer acceptance where the government is not involved. Adam Smith 1776
Leads to the best goods and services for consumers, as popular products sell and weaker producers drop out of the marketplace
Competitive Differentiation
Is the unique mix of organizational abilities, products and approaches that sets a company apart from its competitors, in the minds of the consumers
What are the baisc rights in the private enterprise system?
Right to have propert, all profits, freedom of choice, and fair competition
The Right to Private Property
Every person has the right to own, use, buy, sell and bequeath most forms of property
The Right to All Profits
Business owners are guaranteed, legally and ethically, the right to all profits after taxes earned through their activities
The Right to Freedom of Choice
Citizens are allowed to choose their own employment, purchases, and investments
The Right to Fair Competition
The pulic is allowed to set rules for competitive activities
Risk takers who are free to use their capital, time, and talents to pursue profits
The Colonial Period
Focused on rural and agricultural production with small towns acting as simplie distribution centers
The Industrial Revolution
Marked a transformation into manufacturing with factories
The Age of Industrial Entrepreneurs
Led to new inventions and innovations for the industry
The Production Era
Met a growing demand for manufactured goods with an increase in assembly-line factories
The Marketing Era
Shifted focus to customers' wants and needs along with the ways to fulfill those desires, leading to sophisticated marketing and advertising tactics
The Relationship Era
Changed the way businesses relate to their customers by stressing long-term relationships that benefit both buyers and sellers
Specialization of Labor
Led to faster and more efficient production of goods
The Assembly Line
Introduce by Henry Ford, became a commonplace, with each worker repeating a few tasks throughout a shift