Chapter 1 Terms

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  1. All profits seeking activities and enterprises that provide goods and services necessary to an economic system
  2. Rewards for business people who take the risks involved to offer good and services to customers
  3. Organization that has primary objective such as public service rather than returning a profit to its owner
    not for profit organization
  4. 4 Factors of Production
    Which requires certain inputs for successful operation
    • 1.natural resources
    • 2. capital
    • 3. human resources
    • 4. entrepreneurship
  5. Includes all production inputs that are useful in their natural states including agricultural land, building sites, forests, and mineral deposits.
    natural resources
  6. Production inputs consisting of technology, tools, information and physical facilities
  7. Production inputs consisting of anyone who works, including both physical labor and the intellectual inputs contributed by workers
    human resources
  8. willingness to take risks to create and operate a business
  9. Corresponding Factor Payment
    • 1. rent
    • 2. interest
    • 3. wages
    • 4. profit
  10. economic system that rewards firms for their ability to identify and serve the needs and demands of customers
    private enterprise system
  11. Economic system that rewards firms for their ability to perceive and serve the needs of cusumers
  12. 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.
    Adam Smith
  13. the battle among business for consumer acceptance
  14. is a basic premise of the private enterprise system, Competition regulates much of economic life.
    invisible hand of competition
  15. unique combination of organizational abilities, products  and approaches that sets a company apart from competitors in the mind of customers
    competitive differentiation
  16. most basic freedom under private enterprise system. Have the right to own, sell, and bequeath land.
    private property
  17. Basic rights within a private enterprise system
    • 1. private property
    • 2. competition
    • 3. profits
    • 4. freedom of choice
  18. emphasis on producing more good faster, leading to production innovations such as assembly lines (1920s)
    Production era
  19. consumer orientation seeking to understand and satisfy needs and preferences of customer groups (1950s)
    marketing era
  20. derived from deep ongoing links with individual customers employees, suppliers, and other business. (1990s)
    relationship era
  21. is apart of relationship management, business application of knowledge based on scientific discoveries,inventions and innovations
  22. 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
    transaction management
  23. collections of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties
    relationship management
  24. partner with other organizations to take full advantage of available opportunites
  25. a partnership formed to create a competitive advantage for the business involved
    strategic alliance
  26. 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
  27. blending individuals of different genders, ethnic backgrounds , cultures, religions, ages and physical and mental abilities to enhance a firms chances of success.
  28. using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in country
  29. relocation of business processes to lower cost locations overseas
  30. outsourcing production or services to nations near a firm's home base
  31. the ability to perceive marketplace needs and what an organization must do to satisfy them
  32. ability to analyze and assess info to pinpoint problems or opportunities
    critical thinking
  33. capacity to develop novel solutions to perceives organizational problems.
  34. refers to the standards of conducts and moral values involving decisions made in the work environment
    business ethics
  35. 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
    social responsibilty
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Chapter 1 Terms
2013-03-27 14:36:35
Intro Business

Introduction to Business Course
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