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29 Cards in this Set
- Front
- Back
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Business
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any activity that seeks to provide goods and services to others while operating at a profit
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Profit
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the amount of money a business earns above and beyond what it spends for salaries and other expences.
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entrepreneur
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a person who risks time and money to start and manage a business
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Profit
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the amount of money a business earns above and beyond what it pays out for salaries and other expenses
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Revenue
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the total amount of money a business takes in during a given period by selling goods and services
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When does a loss occur?
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when a business's expenses are more than its revenues
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Risk
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the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
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standard of living
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the amount of goods and services people can buy with the money they have.
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quality of life
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the general well-being of a society in terms of political freedom, a clean natural environmental, education, health care, safety, free time, and everything else that leads to satisfaction and joy
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Stakeholders
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all the people who stand to gain or lose by the policies and activities of a business, such as customers, employees, stockhoders, suppliers, dealers,bankers,people in the surrounding community, environmentalist, and elected goverment.
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Outsourcing
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contrating with other companies(often other countries) to do some or all of the functions of a firm(e.g., production or accounting)
the problem: it has had serious consequences in states where where many jobs have been lost to overseas competitors |
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Insourcing
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setting up desighn and production facilities here in the U.S.
insourcing creates many new jobs, and helps offset the number of jobs being outsourced. |
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Nonprofit organization
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an organization whose goals do notinclude making a personal profit for its owners or organizers.
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What are five factors of production
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K.CELL
Knowledge, Capital, Entrepreneurship, Land, Labor |
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Business environment
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The surrounding factors either help or hinder the development of business
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Five business environment
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C.GETS
Competitive, Grobal business, economic and legal, technological, social environment |
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What are four ways the govenment can foster entrepreneurship?
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1.keep taxes and regulations to a minimum
2.to allow private ownership of business 3.minimize interference with the free exchange of goods and services 4.passing laws that enable businesspeople to write contracts that enforceable in court 5. establish a currency that's tradable in world markets 6.minimize corruption |
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Technology
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Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business prosesses more efficient and productive
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Productivity
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the amount of output you generate thr amount of input
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E-commerce
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the buying and selling of goods over the Internet
B2C: business to consumer B2B: business to business |
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database
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electronic storage file where information is kept
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Identity theft
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obtaining of private information about a person, such as a credit card number
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Empowerment
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Giving frontline workers the the responsibility, authority, and freedom torespond quickly to customer requests
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Demography
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The statiscal study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income
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Four demography which influences the economics
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Managing diversity,
The increase in the number of older people, Two-income families, Single parents |
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What are two important environmental changes in recent years?
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The growth of international competition, and the increase of free trade among nations
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Goods
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tangible products such as computers, food, clothing, cars, and appliances.
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Services
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intangible products such as education, health care, insurance, recreation, and travel and tourism.
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Stakeholders
Typical U.S. Business |
Stockholders
Customers Surrounding community Environmentalist Dealers Employees Government leaders suppliers Bankers |
