Vocab I
The production of goods or services within an economy; can include anything from farming, to furniture making, to healthcare.
Industry
Someone or something that is trying to beat or do better than others in a contest or in the selling of goods or services: a rival.
Competitor
A clear proposal to sell or buy a specific product or service under specific conditions.
Offer
Negligent act, error or omission.
Wrongful act
An exchange of promises where terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made.
Expressed contract
A unique characteristic that distinguishes your business from other businesses in your industry.
Differentiator
A business that sells similar products or services.
Direct Competitor
A wrongful action that is taken against a business with the intention to cause it harm.
Tort
Any loss arising out of any act, or willful neglect by the Insured Customer to commit or conspire to commit with the intent to cause a loss.
Intentional damage
A legally-binding obligation that derives from actions, conduct, or circumstances of one or more parties in an agreement.
Implied contract
(X2 points) A key differentiator should be____
unique, measurable and defendable
The economy of the world, or the economy we share across borders.
Global Economy
When a buyer agrees to purchase a product or service from a seller.
Acceptance
A legal doctrine whereby a sovereign or state cannot commit a legal wrong and is immune from civil suit or criminal prosecution.
Doctrine of sovereign immunity
A tool your company can use to directly compare your strengths and weaknesses to industry competitors.
Competitive Matrix
Another word for customer; they decide how much they are willing to pay for a given good or service.
consumers
A business that sells a different product or service, but still fills the same customer need or want.
Indirect Competitor
Anything that your company takes responsibility for.
Liable
A legally binding agreement that lays out terms for the sale of goods or services between two companies.
Contracts
(x2 points) What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
A business that sells similar products or services and has the same focus.
Strong Direct Competition
A business that sells similar products or services and has a different focus.
Weak Direct Competition
A violation of any of the agreed-upon terms and conditions of a binding contract.
Breach
(x2 points) What are the elements of a contract?
mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality
(x2 points) The favorable position an organization seeks in order to be more profitable than its rivals.
Competitive Edge