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33 Cards in this Set

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Activity that seeks to provide goods & services to others while operating at a profit
Business
Amount of money business earns above what it spends for salaries and other expenses
Profit
Person who risks time and money to start and manage a business
Entrepreneur
Total amount of money a business takes in during a period of selling goods and services
Revenue
When a business's expenses are more than its revenues
Loss
Chance an entreprenueur takes of losing time and money on a business that may not prove profitable
Risk
Amount of goods and services people can buy with the money they have
Standard of Living
General well-being of society (political freedom, clean natural environment, education, health care, safety, free time) and everything else leading to satisfaction and joy
Quality of Life
All people standing to gain or lose by the policies and activities of a business
Stakeholders
Customers, employees, stockholders, suppliers, dealers, bankers, community groups, environmentalists, elected government leaders
Stakeholders
Organization whose goals do not include making personal profit for its owners or organizers
Nonprofit Organization
Resources used to create wealth (land, labor, capital, entrepreneurship, knowledge)
Factors of Production
Factors of Production
Land
Labor
Capital
Entrepreneurship
Knowledge
Phones, Copiers, Coputers, PDAs, various software programs, etc. Make business processes more efficient and productive
Technology
Amount of output you generate given amount of input (hours worked)
Productivity
Buying and selling of goods over the internet
E-Commerce
Electronic storage file where info is kept; store vast amounts of info about consumers
Database
Customer satisfaction
Customer orientation
Profit orientation
Reactive ethics
Product orientation
Managerial focus
Traditional Businesses
Delighting the customer
Customer and stakeholder orientation
Profit and social orientation
Proactive ethics
Quality and service orientation
Customer focus
World-Class Businesses
Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests
Empowerment
Statistical study of human population with regard to size, density, age, race, gender and income
Demography
Tangible products (computers, food, clothing, cars and appliances)
Goods
Intangible products (education, health care, insurance, recreation, travel and tourism)
Services
Difference between revenue and profit
Total money a business takes in by selling goods and services (revenue) vs. Money business earns after paying salaries and expenses (profit)
How is risk related to profit
If business makes a profit then the entrepreneur has proved the businss profitable therefore it wasn't a risk
Someone else assumes the entrepreneurial risk and provides you with benefits such as paid vacation time and health insurance
Advanatage of working for others
United States provides opportunities for all
U.S. called "Land of Opportunity"
Factors of production that are key to wealth
Entrepreneurship and Knowledge
Business Environment
Economic and legal
Technological
Competitive
Social
Global Business
What is productivity? How does technology enhance it?
Amount of output generated given amount of input. Technology improves productivity (tools, machines)
How can companies compete with speed?
Empower frontline workers
What are some of the diverse groups of people that managers must manage?
Seniors, Disabled, Homosexuals, Atheists, Extroverts, Introverts, Married people, Singles, Devout
What are the factors taht have led to two-income families?
High cost of housing, maintaining a comfortable lifestye, high level of taxes and cultural empahsis on "having it all", women want a career outside the home