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Business Fashion Practices > FBP C1 - The Business Enviroment > Flashcards

FBP C1 - The Business Enviroment Flashcards

1
Q

Business

A

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

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2
Q

Goods

A

tangible products, such as computers, food etc.

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3
Q

Services

A

are intangible products, such as healthcare, education, travel, tourism etc.

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4
Q

Entrepreneur

A

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

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5
Q

Revenue

A

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

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6
Q

Loss

A

Loss – occurs when a business’s expenses are more than its revenue

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7
Q

Profit

A

The amount of money a business earns when all costs are subtracted from its revenue. (Revenue – expenses = profit). This is the driving force for businesses.

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8
Q

Risk

A

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

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9
Q

If companies take a higher risk it means:

A

Usually, companies that take the most risk make the most profit as they do something other companies are afraid to do as chance of survival and even profit can be low.

HIGHER RISK  HIGHER REWARD

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10
Q

How businesses and nonprofit organizations can raise the standard of living for all

A
  • Wealthy entrepreneurs provide employment for many other people, decreasing unemployment rates
  • Businesses and their employees pay taxes that federal governments and local communities use to build hospitals, schools, libraries, playgrounds, roads and other public facilities.
  • Taxes help the environment stay clean, support people in need and provide police and fire protection.
  • A nations businesses are part of an economic system that contributes to the standard of living and quality of life in a country, world. Increased standard of living and quality of life.
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11
Q

Standard of living

A

refers to the amount of goods and services people can buy with the money they have. // degree of wealth and material comfort available to a person or community.

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12
Q

Quality of life

A

refers to general well-being of a society in terms of the standard of health, comfort, happiness experienced by an individual or group.

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13
Q

How is a high quality of life maintained?

A

Combined efforts of businesses, Nonprofit organizations and government agencies.
*There is more to quality of life than just making money

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14
Q

Stakeholder

Stakeholders include:

A

an individual who is affected by a business’s actions.

  • Customers
  • Employees
  • Stockholders
  • Suppliers
  • Dealers (retailers)
  • Bankers
  • The media
  • Competitors
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15
Q

Outsourcing

A

contracting the businesses work out to other companies or abroad

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16
Q

Insourcing

A

when foreign companies set up their facilities where you are. // Using a company’s own person resources to accomplish tasks that were previously outsourced.

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17
Q

Nonprofit organization

A

an organization whose goals do not include making a personal profit for its owners but rather their goals are social and educational.

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18
Q

Types of businesses:

A
  1. Service business – offers intangible goods and services
  2. Manufacturing businesses – process materials into tangible goods
  3. Distribution business – move goods from producers to consumers
  4. Retailers are distribution businesses
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19
Q

Consumer

A

are people that purchase the goods for their own use or as a gift

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20
Q

End user

A

the individual who actually uses the goods

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21
Q

Marketing middlemen

A

› Venders – sell goods to the retail stores

› Manufactures – produce the goods from textiles, also sell goods to retailers

› Retailers – sells goods to the end user

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22
Q

Venders

A

sell goods to the retail stores

23
Q

Manufactures

A

produce the goods from textiles, also sell goods to retailers

24
Q

Retailers

A

sells goods to the end user

25
Q

There are two ways to succeed in a business:

There advantages and disadvantages

A
  1. Rise through the ranks of a large company.
    Advantages:
    - Companies financial risk
    - benefits like paid vacation, health insurance.
    - Less stressful
    - More experienced people, more chance of success
    Disadvantages:
    - Less freedom and control
    - Don’t keep all the profits
2.	Become an entrepreneur. 
Advantages: 
-	Keep 100% of all the profits 
-	All the decisions are made by you, 100% control 
Disadvantages: 
-	No company benefits 
-	More stressful and time consuming 
-	Lots of financial risk
26
Q

Factors of production

A

What people need (building blocks) to produce goods and services

27
Q

The five/6 factors of production:

A
  1. Land (natural resources)
  2. Labor (workers), are now being replaced by technology
  3. Capital (includes machines, tools, buildings, it might not include money as money is used to buy factors of production and not also considered a factor itself.
  4. Entrepreneurship
  5. Knowledge
  6. Intellectual property
28
Q

Gross Domestic product

A

is an important method of measuring the factors of production. Its the total value of goods and services produced within a county.All forign production is excluded.

29
Q

The business environment

A

consists of the surrounding factors that either help or hinder the development of business.

Businesses that create wealth and jobs grow and prosper in a healthy environment. Businesses normally can’t control their environment, but they need to monitor it carefully and do what they can to adapt to changes.

30
Q

What can governments in developing countries do to reduce the risk of starting businesses and thus help entrepreneurs?

A
  • Allow private ownership of businesses
  • Pass laws that allow business people to write contracts that are enforceable in court
  • Establish a currency that’s tradable in world markets
  • Help lessen corruption in business and government
  • Keep taxes and regulations to a minimum
  • From a business perspective, lower taxes mean lower risks, more growth, and thus more money for workers and government.
31
Q

The 5 elements of the business environment:

A
  1. The economic and legal environment
  2. The technological environment
  3. The competitive environment
  4. The social environment
  5. The global business environment
32
Q

Technology

A

various software and apps that make business processes more effective, efficient and productive.

Technology enables workers to be more effective, efficient and productive…

33
Q

Efficiency

A

producing goods and services using the least number of resources.

34
Q

Productivity

A

The amount of output you generate given the amount of input, such as the numbers of hours you work.

35
Q

Effectiveness

A

Doing the right thing the right way

36
Q

E- commerce

A

buying and selling goods online. There are two major types of e-commerce transactions:
1: business to business (B2B) 2: business to consumer (B2C)

37
Q

Demonstrate how businesses can meet and beat competition

A
  • Companies find competitive edges by focus on making high quality products with zero defects at low prices
  • Companies also aim to exceed customer expectations, often means empowering frontline workers by giving them more training, authority and responsibility.
38
Q

Empowerment

A

management practice of sharing information, rewards and power with employees.

39
Q

Demography

A

study of statistics (size, density, age, race, gender) which illustrate changing structure of human populations

  • Diversity has come to mean much more than keeping the minority and recruiting females. Diversity efforts now include older adults, people with disabilities, people with different sexual orientations, religious people, atheists, extroverts, introverts, married people and single people.
  • Providing social security benefits to older citizens in the future will draw huge amounts of money from the working population.
40
Q

Business environment

A

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

41
Q

Climate change

A

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

42
Q

Ecommerce

A

The buying and selling of goods over the Internet.

43
Q

Empowerment

A

Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.

44
Q

Entrepreneur

A

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

45
Q

Greening

A

The trend toward saving energy and producing products that cause less harm to the environment.

46
Q

Nonprofit organization

A

An organization whose goals do not include making a personal profit for its owners or organizers.

47
Q

Outsourcing

A

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.

48
Q

Productivity

A

The amount of output you generate given the amount of input (e.g., hours worked).

49
Q

Profit

A

The amount of money a business earns above and beyond what it spends for salaries and other expenses.

50
Q

Quality of life

A

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.

51
Q

Revenue

A

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

52
Q

Risk

A

(1) The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
(2) The chance of loss, the degree of probability of loss, and the amount of possible loss.

53
Q

Standard of living

A

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

54
Q

Technology

A

Technology that offers users a continuous connection to the Internet and allows them to send and receive mammoth files that include voice, video, and data much faster than ever before.

Business Fashion Practices (12 decks)

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