Chapter 1
What is the factor payment for Human Resources?
Wages
What is the factor payment for Entrepreneurship?
Profit
How many era's of business are there?
Seven.
What are standards of conduct and moral values involving decisions made in the work environment.
Business Ethics
What is the formula for profit?
Revenues-Expenses
A(n) _____ is a risk taker in the private enterprise system.
Entrepreneur
American Heart Association is an example of what from our reading?
Not-for-profit organization
What were commonly developed and used during the production area?
Assembly Lines
What is an organization's plan for how it will raise and spend money during a given period of time?
Budget.
What era did we focus on consumers needs and wants?
Marketing Era
Define vision.
Ability to perceive marketplace needs and what an organization must do to satisfy them. Seeing an opportunity.
Define Business.
Profit seeking activities and enterprises that provide goods and services to an economic system.
What would an example of a business during the colonial period be?
Farms, orchards, agricultural
Define Demand.
Willingness and ability of buyers to purchase goods and services.
What is a name, term, sign, symbol or design that identifies the products of one firm then differentiates them from competitor’s offerings.
Brand