Chapter 1 Terms
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All profits seeking activities and enterprises that provide goods and services necessary to an economic system
Rewards for business people who take the risks involved to offer good and services to customers
Organization that has primary objective such as public service rather than returning a profit to its owner
not for profit organization
4 Factors of Production
Which requires certain inputs for successful operation
- 1.natural resources
- 2. capital
- 3. human resources
- 4. entrepreneurship
Includes all production inputs that are useful in their natural states including agricultural land, building sites, forests, and mineral deposits.
Production inputs consisting of technology, tools, information and physical facilities
Production inputs consisting of anyone who works, including both physical labor and the intellectual inputs contributed by workers
willingness to take risks to create and operate a business
Corresponding Factor Payment
- 1. rent
- 2. interest
- 3. wages
- 4. profit
economic system that rewards firms for their ability to identify and serve the needs and demands of customers
private enterprise system
Economic system that rewards firms for their ability to perceive and serve the needs of cusumers
He has identified his self as the father of capitalism. He has a book called Wealth of Nations, he believe that an economy is best regulated by the invisible hand of competition.
the battle among business for consumer acceptance
is a basic premise of the private enterprise system, Competition regulates much of economic life.
invisible hand of competition
unique combination of organizational abilities, products and approaches that sets a company apart from competitors in the mind of customers
most basic freedom under private enterprise system. Have the right to own, sell, and bequeath land.
Basic rights within a private enterprise system
- 1. private property
- 2. competition
- 3. profits
- 4. freedom of choice
emphasis on producing more good faster, leading to production innovations such as assembly lines (1920s)
consumer orientation seeking to understand and satisfy needs and preferences of customer groups (1950s)
derived from deep ongoing links with individual customers employees, suppliers, and other business. (1990s)
is apart of relationship management, business application of knowledge based on scientific discoveries,inventions and innovations
building and promoting products in the hope that enough customers will buy them to cover costs and earn profits examples are like Avon and Ebay
collections of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties
partner with other organizations to take full advantage of available opportunites
a partnership formed to create a competitive advantage for the business involved
Changes in the workforce
- 1. aging in population
- 2. shrinking labor pool
- 3. growing diversity
- 4. changing network of work
- 5. flexibility and mobility
- 6.collaboration to innovate
blending individuals of different genders, ethnic backgrounds , cultures, religions, ages and physical and mental abilities to enhance a firms chances of success.
using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in country
relocation of business processes to lower cost locations overseas
outsourcing production or services to nations near a firm's home base
the ability to perceive marketplace needs and what an organization must do to satisfy them
ability to analyze and assess info to pinpoint problems or opportunities
capacity to develop novel solutions to perceives organizational problems.
refers to the standards of conducts and moral values involving decisions made in the work environment
is a management philosophy that includes contributing resources to the community, preserving the natural environment and developing or participating in non profit programs designed to promote the well being of the general public
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