Chapter1

Question 1

any activity that seeks to provide goods and services to others while operating at a profit.

Answer 1

Business

Question 2

Tangible products

Answer 2

Goods

Question 3

Intangible products
Education
Healthcare
Insurance

Answer 3

Services

Question 4

a person who risks time and money to start and manage a business.

Answer 4

Entreprenuer

Question 5

total amount of money a business takes in during a given period by selling goods and services.

Answer 5

Revenue

Question 6

the amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation.

Answer 6

Profit

Question 7

occurs when a business’s expenses are more than its revenues.

Answer 7

Loss

Question 8

the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

Answer 8

Risk

Question 9

the amount of goods and services people can buy with the money they have.

Answer 9

Standard of living

Question 10

to the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.

Answer 10

Quality of life

Question 11

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.

Answer 11

Stakeholders

Question 12

contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks.

Answer 12

Outsourcing

Question 13

organization whose goals do not include making a personal profit for its owners or organizers. Nonprofit organizations often do strive for financial gains, but they use them to meet their social or educational goals rather than for personal profit.

Answer 13

Non-profit organization

Question 14

Factors of production

Answer 14

Land
Labor 
Entrepreneurship
Capital
Knowledge

Question 15

surrounding factors that either help or hinder the development of businesses.

Answer 15

Business environment

Question 16

everything from phones and copiers to computers, mobile devices, medical imaging machines, and the various software programs and apps that make business processes more effective, efficient, and productive.

Answer 16

Technology

Question 17

amount of output you generate given the amount of input

Answer 17

Productivity

Question 18

buying and selling of goods online.

Answer 18

E-commerce

Question 19

B2B

Answer 19

Business to Business

Question 20

B2C

Answer 20

Business to Consumer

Question 21

electronic storage file for information.

Answer 21

Database

Question 22

obtaining of individuals’ personal information, such as Social Security and credit card numbers, for illegal purposes

Answer 22

Identity theft

Question 23

Giving workers responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests. They also must allow workers to make other decisions essential to producing high-quality goods and services.

Answer 23

Empowerment

Question 24

statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.

Answer 24

Demography

Question 25

movement of the temperature of the planet up or down over time.

Answer 25

Climate change

Question 26

Saving energy and producing products that cause less harm to the environment

Answer 26

Greening