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13 Cards in this Set
- Front
- Back
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Profit |
The amount of money a business earns above and beyond what it spends for salaries and other expenses |
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Loss |
Occurs when expenses exceed revenue |
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Risk |
The chance an entrepreneur takes of losing time and money on a business that may not be profitable |
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Standard of living |
The amount of goods and services people can buy with the money they have |
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Revenue |
The total amount of money a business takes in before paying expenses |
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Stakeholders |
All the people who stand to gain or lose by the policies and activities of a business and who concerns the business needs to address |
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Outsourcing |
Contracting with other companies to do some or all of the functions of a firm like production or accounting tasks |
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Insourcing |
Keeping work in the United states instead of outsourcing |
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Nonprofit organization |
An organization who's goals do not include making a personal profit for its owners or organizers |
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For profit |
Owners of the company intend on making money |
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Factors of production |
Land, Labor, Capital, Entrepreneurship, Knowledge |
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Business environments |
The economic and legal The technological environment The competitive environment The social environment The global business environment |
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Evolution of American business |
The US has become so productive that they need fewer workers than ever before. If global competition and improved technology are putting skilled people out of work, we should be concerned about high percentage of unemployment |
