Chapter 1 Flashcards
Business
Any activity that seeks to provide goods and services to others while operating at a profit
Goods
Tangible products, such as computers, clothing, food
Services
Intangible products, such as healthcare, education, travel
Entrepreneur
A person who risks time and money to start a business
Revenue
An amount of money a business takes in during a certain period by selling goods and services
Profit
The money a business earns above what it spends
Loss
Expenses are more than revenues
Nonprofit organization
Does not include making money for profit
Five Factor of productions
Land, Labor, Capital, Entrepreneurship, Knowledge
Business Environment five elements
- Economic and Legal
- Technologcial
- Competitive
- Social
- Global
Productivity
The amount of output you generate given the amount of input
E-Commerce
Buying and selling online
Database
An electronic storage file for information
Identity Theft
Obtain people’s information
Empowerment
Give front-line workers responsibility
Demography
The statistical study of humans with regard of size, density, race, gender, and income.
Diversity
Includes seniors, disabled, bi-sexual or gay, single
Climate Change
Movement of temperature of the planet
Greening
Enviormenlty friendly
Quality of Life
General well-being of a society, political freedom, environment, health care, and leisure
Stakeholders
People who gain or loss by the policies and activities of a business. Includes customers, employees, stockholders, suppliers, dealers, competitors, government leaders
Outsourcing
Contracting with another company
Risk
You take a chance of losing time or money
Standard of Living
The amount of goods and services that people can buy with the amount of money they have
