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18 Cards in this Set
- Front
- Back
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Business
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Any activity that makes money by providing goods and services.
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Profit
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Amount business earns after expenses and salaries are deducted.
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Entreprenuer
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Person who risks time and money to start a business.
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Standard of Living
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Amounts of goods and services people can buy with the money they have.
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Quality of Life
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General well being of society
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Nonprofit Organization
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Organization who's goal isn't to make a profit.
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Revenue
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1. total amount of money a business earns in a given period by selling goods and services.
2. Value of what is recieved for goods sold. |
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Loss
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When a business costs and expenses are more than it's revenues.
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Risk
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1. Chance, degree of probability and amount of possible loss.
2. Chance an entreprenuer takes of losing time and money. |
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Factors of Production
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the resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge.
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Return on Investment
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The return a business person gets on the money he/she and other owners invest in the firm.
ex: a business eaned $100, and a business person invest $1000, so the ROI = 10% (100/1000) |
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E-commerce
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electronic commerce; the buying & selling of products and services over the internet
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Stakeholders
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Those people who stand to gain or lose by the policies and activities of an organization.
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Empowerment
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Giving employees the authority and responsibility to repond quickly to customer requests.
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Demography
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the statistical study of human population to learn its size, density, etc.
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Productivity
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the total output of goods and services in a given period of time divided by work hours. (output per work hr)
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Goods
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products that are available to customers to buy.
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Services
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actions companies do to assist their customers.
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