Ch1

Business all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.

Profits rewards for businesspeople who take the risks involved to offer goods and services to customers.

Factors of production four basic inputs for effective operation : natural resources, capital, human resources, and entrepreneurship.

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.

Entrepreneur risk taker in the private enterprise system.

Brand name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors’ offerings.

Internet worldwide network of interconnected computers that, within limits, lets anyone with a PC or other computing device send and receive images and data anywhere.

Relationship management collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.

Value customer’s perception of the balance between the positive traits of a good or service and its price.

Customer satisfaction ability of a good or service to meet or exceed a buyer’s needs and expectations.

Productivity relationship between the number of units produced and the number of human and other production inputs necessary to produce them.