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22 Cards in this Set
- Front
- Back
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Business
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any activity that seeks to provide goods and services to others while operating at a profit
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Profit
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The amount of money a business earns above and beyond what it spends for salaries and other expenses
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Entrepreneur
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A person who risks time and money to start and manage a business
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Revenue
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total amount of money a business takes in during a given period by selling goods and services
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Loss
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When a business's expenses are more than it's revenues
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Risk
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the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
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Standard of Living
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the amount of goods and services people can buy with the money they have
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Quality of Life
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the general well-being of a society in terms of political freedom, a clean natural environment, education, healthcare, safety, free time, and everything else that leads to satisfaction and joy
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Stakeholders
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all the people who stand to gain or lose by the policies and activities of a business
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Outsourcing
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assigning various functions, such as accounting, production, security, maintainence, and legal work to outside organizations
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Nonprofit Organization
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an organization whose goals do not include making a personal profit for it's owners or organizers
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Factors Of Production
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The resources used to create wealth: Land, labor, capital, entrepreneurship, and knowledge
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Business Environment
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the surrounding factors that either help or hinder the development of a business
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Technology
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makes business processes more efficient and productive
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Productivity
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the amount of output you generate given the amount of input
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E-Commerce
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buying and selling of goods and services online
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database
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an electronic storage file where information is kept
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identity theft
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the obtaining of private information about a person and using that information for illegal purposes
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empowerment
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giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests
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Demography
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the statistical study of the human population with regard to it's size, density, and other characteristics
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Goods
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tangible products, such as food, clothing, and computers
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Services
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intangible products, such as healthcare, travel and tourism
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