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