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