Week 1 Slides Flashcards
What is business
All profit seeking activities that provide goods and services
What is profit
Rewards for business people who take risks
What are the 4 factors of production
Natural resources
Capital
Human resources
Entrepreneurship
What are natural resources
Things that are useful in their natural states like land and minerals
What is capital
Technology, tools, and information
What is entrepreneurship
The willingness to take risks
What is another word for capitalism
Private Enterprise System
What is capitalism
To encourage competition
Firms rewarded for the ability to provide for consumers
Minimizes government intervention
Who is the father of capitalism
Adam Smith
What are the 4 basic rights within a private enterprise system
Private property
Competition
Profits
Freedom of choice
What is Entrepreneurship Alternative
To take risk
Fuels economy
Sees potential
What are the 7 eras of business
Colonial period
Industrial revolution
Age of industrial entrepreneurs
Production era
Marketing era
Relationship era
Social era
What was the colonial period
Agriculture based production
What is the industrial revolution
Mass production with workers and a few machines
What is the age of industrial entrepreneurs
Advanced technology and increased demand
What is the production era
More production even faster with assembly lines
What is the marketing era
To understand what the consumers wanted
What is the relationship era
To create links with consumers, suppliers, employees
What is the social era
Businesses begin to to interact with each other around the world
What is relationship management
The collection of activities that build connection with consumers
What are some examples of relationship management
Surveys
Review
Reward points
What is a partnership
An affiliation between 2 or more companies to help each other achieve a similar goal
What is a strategic alliance
A partnership to create a competitive advantage for the businesses involved
Name examples of strategic alliances
Footlocker and nike
(distributor + seller)
Business workforce trends wanted workers that
Dedicated to building strong ties with consumers
Able to work good
Compete in global market
Are tech savvy
Name 2 changes in the workforce
Aging population
Increased diversity
What should a manager be able to do
Vision
Critically Think
Ability to lead change
What is vision
To see marketplace needs and how to satisfy them
What is critical thinking
Able to analyze and assess information to pinpoint problems
What is creativity
To make solutions to problems
What is ability to lead change
Guide employees through changes
Can make tough decisions
What makes a company admired
Profits
Growth
Safe work environment
Ethical and socially responsible
High quality
