Chapter 1 Flashcards
Total amount of money a business takes in during a given period by selling good or services
Revenue
The amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation
Profit
When the expenses of a business exceed the revenues
Loss
The chance an entrepreneur takes of losing time and money on a business that may not prove profitable
Risk
The amount of goods and services people can buy with the money they have.
Standard of Living
the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction
Quality of Life
The people who stand to gain or lose by the policies and activities of a business as a whose concerns the business needs to address
Stakeholders
Contracting with other companies to do some or all the functions of a firm , like its products or accounting tasks
Outsourcing
an organization whose goals do not include making a personal profit for its owners or organizers
Nonprofit Organization
What are the five factors of production?
Land, Labor, Capital, Entrepreneurship, Knowledge
What are the five factors that can help or hinder the business environment?
-The economic and legal environment
-The technological environment
-The competitive environment
-The social environment
-The global business environment
Various software programs and apps that make business process more effective, efficient, and productive.
Technology
The amount of output you generate given the amount of input (Ex: amount of hours you work)
Productivity
The buying and selling of goods online
E-commerce
An electronic storage file for information
Database
