Chapter 1 - Business Now Flashcards

1
Q

What is value?

A

The DIFFERENCE between the PRICE of a product and the BENEFITS.

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2
Q

What is business?

A

Any activity that provides goods/services in an effort to earn a profit.

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3
Q

What are not-for-profit-organizations/

A

Focus on CAUSES NOT PROFIT

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4
Q

What is profit?

A

Profit = Revenue - Expenses

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5
Q

What is an entrepreneur?

A

People who risk time/money/freedom/other to start and manage a business.

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6
Q

What does business do?

A

Increases the STANDARD OF LIVING, which improves QUALITY OF LIFE

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7
Q

What are the building blocks of business?

A

Natural Resources, Capital, Human Resources, Entrepreneurship

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8
Q

What are the different dimensions of the business environment?

A

Economic, Social, Global, Technological, Competitive

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9
Q

What are some economic vulnerabilities?

A
  • CEO/worker gap
  • corruption and ethical lapses
  • consumer debt
  • federal/provincial debt
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10
Q

What is the key to value?

A

QUALITY

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