Chapter 1 - Business Now Flashcards
What is value?
The DIFFERENCE between the PRICE of a product and the BENEFITS.
What is business?
Any activity that provides goods/services in an effort to earn a profit.
What are not-for-profit-organizations/
Focus on CAUSES NOT PROFIT
What is profit?
Profit = Revenue - Expenses
What is an entrepreneur?
People who risk time/money/freedom/other to start and manage a business.
What does business do?
Increases the STANDARD OF LIVING, which improves QUALITY OF LIFE
What are the building blocks of business?
Natural Resources, Capital, Human Resources, Entrepreneurship
What are the different dimensions of the business environment?
Economic, Social, Global, Technological, Competitive
What are some economic vulnerabilities?
- CEO/worker gap
- corruption and ethical lapses
- consumer debt
- federal/provincial debt
What is the key to value?
QUALITY