assembly line, manufacturing process where the unfinished product moves in a direct line from workstation to workstation, with parts added in sequence until the final product is completed, vertical integration , a strategy that allowa a company to streamline its operations by taking direct ownership of stages, value creation process, a process composed by a complex set of activities (soft and hard) based on material an immaterial resources, with several actors participationg into it (including the client))), business, the organized effort of individuals to produce and sell for a profit the goods and services that satisfy society’s needs, value, the difference betwen the customer willingness to pay and costs of production, efficiency, max. output with min. input (process), effectiveness, ability to reach goals and get expected results , e-business, the organized effort of individuals to produce and sell for a profit through the facilities available on the internet, economics, the study of how wealth is created and distributed, economy, the way in which people deal with the creation and distribution of wealth, factors of production, inputs and resources used to produce goods and services, enterpreneur, a person who risks time, effort and money to start and operate the business, market economy, an economic system where the production and distribution of goods and services are determined by the interactions between buyers and sellers in a free market, capitalism, an economic system based on the private ownership of the means of production and its use for the purpose of obtaining profit, command economy, an economic system where the government decides goods production, process, quantity, and price in a country, productivity, the average level of output per worker per hour, GDP, total dollar value of all goods and services produced by a country’s economy during a specified period of time, CPI, a measure of living costs based on changes in prices of a fixed basket of goods, PPI, measure that tracks changes in the selling prices domestic producers receive for their goods and services, balance of trade, import-export, recession, 2 or more consecutive 3 months of decline in GDP, depression, a severe recession lasting longer than a typical recession with a larger decline in bus. activities, federal deficit, a shortfall created when the goverment spends more than it receives in a fiscal year, national debt, total of all federal deficits, product differentiation, the process of making your offering stand out from competitors through unique features, pricing, quality, or customer experience, specialization, the separation of manufacturing process into distinct tasks of which diff. people are in charge, sustainability, a company's strategy and actions to reduce adverse environmental and social impacts resulting from business operations.

Chapters 1-2

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