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
