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Chapter 1 - Manter 1 Chapter 1 Chapter 1 Business 2006 and...

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Manter 1 Chapter 1 Chapter 1 – Business: 2006 and Beyond Business – all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Profits – rewards for business people who take the risks included to offer goods and services to customers. Not-for-profit Organizations – businesslike establishments that have primary objectives other than returning profits to their owners. Factors of Production – four basic inputs for effective operation: natural resources, capital, human resources, and entrepreneurship. Natural Resources – all productive inputs that are useful in their natural states, including agricultural land, building, sites, forests, and mineral deposits. Capital – includes technology, tools, information, and physical facilities. Human Resources – include anyone who works. Entrepreneurship – the willingness to take risks to create and operate a business. Entrepreneur – someone who sees a potentially profitable opportunity and then devises a plan to achieve success in the marketplace and earn those profits. Private Enterprise System – economic system that rewards businesses for their ability to identify and serve the needs and demands of customers. Competition – battle among businesses for consumer acceptance. Capitalism – an economic system that utilizes competition in order to produce the best possible products and prices for consumers because less efficient producers would gradually be driven from the marketplace. Competitive Differentiation – unique combination of organizational abilities and approaches that sets a company apart from competitors in the minds of consumers. Private Property – the most basic freedom under the private enterprise system. Every participant enjoys the right to own, use, buy, sell, and bequeath most forms of property, including land, buildings, machinery, equipment, patents on inventions, and various intangible properties. Four Rights in the Private Enterprise System: Private property, competition, profits, and freedom of choice.
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Manter 2 Chapter 1 Six Eras in the History of Business: Colonial, Industrial Revolution, Industrial entrepreneurs, Production, Marketing, and Relationship. Consumer Orientation – business philosophy incorporating the marketing concept of first determining unmet consumer needs and then designing a system for satisfying them.
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