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10 Cards in this Set
- Front
- Back
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Simple definition-
Business |
Organization that provides goods or services to earn profits.
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Simple definition-
Profits |
Difference between a business's revenues and its expenses.
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Simple definition-
Domestic Business Environment |
The environment in which a firm conducts its operations and derives its revenues.
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Simple definition-
Global Business Environment |
The international forces that affect a business.
International Level: Trade agreements, international economic conditions, political unrest, etc.. Immediate Level: Suppliers, cultures, competitors, currency values. |
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Simple definition-
Technological Environment |
All the ways by which firms create value for their constituents.
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Simple definition-
Political-Legal Environment |
The relationship between business and government.
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Simple definition-
Sociocultural Environment |
The customs, mores, values, and demographic characteristics of the society in which an organization functions.
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Simple definition-
Economic Environment |
Relevant conditions that exist in the economic system in which a company operates.
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Simple definition-
Economic System |
A nation's system for allocating its resources among its citizens.
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Simple definition-
Factors Of Production |
Resources used in the production of goods and services.
Labor, capital, entrepreneurs, physical resources, and information resources. |
