business Flashcards
test 1
(people) stake holders
anyone that holds interest in a business (employers, customers, vendors)
(society) Standard of Living
goods and services induvial people can buy with what money they have or make (when society prospers people/economy prospers)
(society) Quality of life
society’s OVERALL well being ETC : freedoms, access to education, safety) ex: the way Austin lives is different than round rock
(organizations) Non profit
Not driven to produce profit- delivering a good or service for society, stakeholders who depend on services. (FILL GAPS THAT BUSINESSES NOR GOVERMENT CAN FILL)
(productivity)—> technology—>
business environment—->
distribution/ database
legal, technological, competitive, social global aspects (target is diverse) ex: LGBTQ stuff being sold at target
Globalization of business
tech and global economic priorities lead to markets now defined by global capacity (ex: has to rely on other countries USA doesn’t produce enough food)
Business
Tasks and function that produce a good or service with UTILITY for customers to make profit- business is important for society “standard of living maintains jobs”
Utility
primary and secondary uses of products and services
factors of production
LAND, LABOR, CAPTIAL, ENTERPURERSHIP, knowledge and technology 6 proven elements MUST be present in an economy to be successful (law and order)
(Business Terms) profit: (margin)
revenue/ funds that are left after expenses (production cost/salary
revenue
total amount (gross) of money selling goods and services
loss
when expenses are more than the revenue
risks
chance of loosing time and money that may not be profitable
(people) Entrepreneurs
Individuals who accept business risk, rapid financial returns. success gauged by the amount/ rate of money expansion.
