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| Question | Answer |
| What is business? | Any activity that provides goods and services in an effort to earn a profit. |
| Briefly describe how business is today | Everything is moving faster and faster: products getting popular at faster rates, products are being launched and discontinued in the same month.... OVERALL: business is happening very quickly, and expanding very quickly as well. |
| What is a Not-for-Profit organization? | An organization that is organized and run just like a for-profit business, but that focuses on community causes, and does not try to make a profit |
| What is profit? | The financial reward that comes from starting and running a business. Profit = money business earns from sales minus expenses |
| What is an entrepreneur? | Someone who risks their time, money, and other resources to start and manage a business |
| What does business do for society? | Business drives up the standard of living, which in turn contributes to the quality of life |
| What are the main sections in which business history is divided into? | Industrial Revolution Entrepreneurship Era Production Era Marketing Era Relationship Era |
| What is characteristic of the Industrial Era? | Mass production Factories Specialization Efficiency |
| What is characteristic of the Entrepreneurship Era? | Industrial Titans Wealth Creation Increase in Standard of Living Manipulation/Competition Exploitation |
| What is characteristic of the Production era? | Assembly Line Refining Production Productivity Gains Decrease Costs Hard Sell No customer focus |
| What is characteristic of the Marketing era? | Consumer Power Growth in Consumerism Product Differentiation Customer Focus |
| What is characteristic of the Relationship era? | Long-term relationships Satisfied Customers Use of Technology |
| What areas do not-for-profit organizations focus on? | health human services education art religion culture |
| In what are for-profit and not-for-profit businesses the same? | They employ people They take in revenue They produce goods and services |
| What are factors of production? | Natural Resources Capital Human Resources Entrepreneurship |
| Describe the economic environment in which business can flourish | Free enterprise and fair competition: Gov policies that support it tax incentives laws to reduce corruption and bribery |
| Describe how the competitive environment affects business | Companies must provide remarkable customer value: the gap between the price and the benefit of the good/service The key to value is quality How fast do products get to market: bleeding-edge = people not ready for it leading edge = product offered just when consumer is ready for it |
| Describe how the technological environment can affect business | affects how efficiently business can run adds competitive edge for companies that embrace change; may mean death for some industries/companies that resist |
| Describe how the social environment can affect business | Demographics Diversity Aging Population Rising worker expectations Ethics and Social responsibility |
| Describe how the global environment can affect business | technology links customers to suppliers worldwide Job migration China & India economies growing Terrorism more of a threat today blurred lines between countries/world |
| Very generally, how does entrepreneurship affect economies? | It has been found that economies that encourage entrepreneurship do much better |
| Define Value | Value is the relationship between the price of a good or a service and the benefits that it offers its customers |
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