DYNAMIC OF BUSINESS Flashcards
UNDERSTAND THE IMPORTANCE OF STUDYING BUSINESS EXPLAIN THE EVOLUTION OF AMERICAN BUSINESS DESCRIBE THE FIVE ELEMENTS OF THE BUSINESS ENVIRONMENT UNDERSTAND YOUR OPINION IN THE WORLD OF BUSINESS IN THE FUTURE
1
Q
What is business
A
An individual or organization that seeks to provide goods and services to others while operating at a point
2
Q
Defining Business
A
- Profit, Revenue, Loss, and Risk and Reward
2. Stakeholders and Shareholders
3
Q
What are the five parts of the Business Environment
A
- The economic and legal environment
- The technological environment
- The competitive environment
- The social environment
- The global environment
4
Q
What are the factors of production? Which factors are keys to wealth creation?
A
- Land
- Labor
- Capital
- Entrepreneurship
- Knowledge/
The key to wealth creation is entrepreneurship which means a person who owns and operates his or her own business and knowledge which means information technology has revolutionized business , making it possible to quickly determine wants and needs and to responds with desired goods and services