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28 Cards in this Set

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What is ROI?
Return On Invstment - The return a businessperson gets on the moeny he and other owners invest in the business.
What are the three ways the government can reduce the risk of going into business?
1. Ability to draft contracts that are enforceable in court.
2. Establish a currency that is tradeable in world markets.
3. Eliminating corruption in business and it's own ranks.
What is E-Commerce?
Electronic commerce; the buying and selling of products and services over the internet.
Define Click & Mortar:
The practice of traditional retailers expanding onto the Internet.
What is a STAKEHOLDER?
Are all the people who stand to gain or lose by the policies and activities of an organization.
Define EMPOWERMENT:
Giving frontline workers the responsibility and freedom to respond quickly to customer requests.
Define DEMOGRAPHY:
The statistical study of the human population to learn its soze. density and other characteristics.
What is DIVERSITY and MULTICULTURALISM?
Interchangable words that refer to the process of optimizing the contributions of people from different cultures.
Define TELECOMMUTE:
To work at home adn keep i touch with the company through telecommunications.
Define PRODUCTIVITY:
The total output of goods and services in a given period of time divided by work hours (output per work hour)
Define GOODS:
Tangible products such as computers, food, clothing, cars and appliances.
Define SERVICES:
Intangible items such as education, health care and insurance.
Define PROFIT:
Is money a business earns above and beyond the money that it spends for salaries and other expenses.
Define PRODUCTIVITY:
The total output of goods and services in a given period of time divided by work hours (output per work week)
What is RISK?
Is the chance that an entrepreneur takes of losing time and money on a business that may not prove profitable.
What is a LOSS?
Occurs whena a business's costs and expenses are more than its revenues.
What is a DATABASE?
A database is an electronic repository of information.
Define an ENTREPRENEUR:
A person who risks time and money to start and manage a business.
Define BUSINESS:
Any activity that seeks profit by providing goods and services to others.
What are the 5 ELEMENTS KEY TO A BUSINESS GROWTH?
1. The economic environment, including taxes and regulations.
2. The technological environment.
3. The competitive envrionment.
4. The social environment
5. the global business environment.
What are the FACTORS OF PRODUCTION?
1. Land (and other natural resources)
2. Labor (Workers)
3. Capital (e.g. machines, tools, bldgs)
4. Entrepreneurship
5. Knowlege
what is a DOT.COM COMPANY?
An internet company whose web address ends with .com.
What is a NON-PROFIT ORGANIZATION?
An organization whose goods do not include making a personal profit for its owners.
Define QUALITY OF LIFE:
The general well-being of a society.
Define REVENUE:
The total amount of money a business earns in a given period by selling goods and services.
What is a NON-PROFIT ORGANIZATION?
An organization whose goods do not include making a personal profit for its owners.
Define STANDARD OF LIVING:
The amount of goods and services people can buy with the money they have.
Define E-TAILING:
Selling retail items on the Internet.