Chapter 1 Flashcards
Business
Any activity that seeks to provide goods and services to others while operating at a profit.
Services
Intangible products such as a parking space, education, health care, insurance, watching a movie, recreation, tax preparation, haircuts and travel.
Entrepreneur
A person who risks time and money to start and manage a business.
Revenue
The total amount of money a business takes in during a given period by selling goods and services.
Profits
The amount of money a business earns above and beyond what it spends for salaries and other expenses.
Loss
When a business’s expenses are more than its revenues it has incurred a loss.
Standard of living
The amount of goods and services people can buy with the money they have.
Stakeholders
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.
Outsourcing
Contracting with other companies (often in other countries) to do some of the functions of a film, like production or accounting.
Nonprofit organization
An organization whose goals do not include making a personal profit for its owners or its organizers (use financial gains to meet social or educational goals).
Factors of production
The actual resources that are needed to and used to create wealth.
Clouds (cloud storage)
A model of computer data storage in which the digital data is stored in logical pools.
Database
An electronic storage file for information.
Demography
The statistical study of the human population about its size, density, and other characteristics such as age, race, gender, occupation, religion, and income.
Artificial Intelligence
Technology
Robotics
Technology that uses AI and other computer software to function.
Risk
The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
Quality of life
The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure time, and facilities, and rewards that add to the satisfaction of joy.
Insourcing
When foreign companies open offices and factories in the U.S.
Business environment
The surrounding factors that either help or hinder the development of business.
Technology
Everything from phones to computers.
E-Commerce
The buying and selling of goods and services over the internet.
Identity Theft
The illicit harvesting of individual’s personal information.
