ch.1 Flashcards
Def: Baby Boomers
A demographic group of Canadians who were born in the period from 1946 to 1964
Def: business environment
The surrounding factors that wither help or hinder the development or businesses
Def: Circular economy
Reusing, redistributing, refurbishing, and recycling products instead of dumping them the in landfills.
Def: crowdsourcing
Using the expertise of a large group of people to solve a business problem.
Demography
The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender and income.
Def: e-business
Any information system or application that empowers business processes
e-commerce
The buying and selling of goods and services over the Internet.
Empowerment
Giving front-line worker the responsibility, authority, and freedom to respond quickly to customer requests.
Factors of production
The resources used to create wealth: land, labour, capital goods, entrepreneurship, and knowledge.
Def: greening
The trend toward saving energy and producing products that cause less harm to everyone.
Def: Insourcing
Assigning various functions that could go to an outside organization to employees in the company.
Def: Intellectual capital
Includes employee knowledge and skills that can be used to create new product, attract new customers, and increase profits.
Non-profit organization
An organization whose goals do not include making a personal profit for its owners or organizers.
Offshoring
Sourcing part of the purchased inputs outside of the country.
Outsourcing
Assigning various functions, such as accounting, production, security, maintenance, and/or legal work, to outside organizations.
