Business & Management (Chapters 1-5)

Front 1

What is a business?

Back 1

Any activity that seeks to provide good and services to others while operating at a profit.

Front 2

Profit

Back 2

The amount of money a business earns above and beyond what it spends for salaries and other expenses.

Front 3

What is an entrepreneur?

Back 3

A person who risks time and money to start and manage a business.

Front 4

Revenue

Back 4

The total amount of money a business takes in during a given period by selling goods and services.

Front 5

What is a loss?

Back 5

When a business's expenses are more than its revenues.

Front 6

What is a risk?

Back 6

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

Front 7

Standard of Living

Back 7

The amount of goods and services people can buy with the money they have.

Front 8

Quality of life

Back 8

The general well-being of a society in terms of political freedom, a clean natural environment,education,health care,safety,free time, and everything else that leads to satisfaction and joy.

Front 9

Standard of Living

Back 9

The amount of goods and services people can buy with the money they have.

Front 10

Stakeholders

Back 10

All the people who stand to gain or lose by the policies and activities of a business.

Front 11

What is outsourcing?

Back 11

Assigning various functions, such as accounting,production,security,maintenance, and legal work, to outside organizations.

Front 12

Nonprofit organization

Back 12

An organization whose goals do not include making a personal profit for its owners or organizers.

Front 13

factors of production

Back 13

The resources used to create wealt: land,labor,capital,entreneurship,and knowledge.

Front 14

business environment

Back 14

The surrounding factors that either help or hinder the developement of businesses.

Front 15

technology

Back 15

Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more efficient and productive,

Front 16

productivity

Back 16

The amount of output you generate given the amount of input.

Front 17

e-commerce

Back 17

the buying and selling of goods and services over the internet.

Front 18

database

Back 18

An electronic storage file where information is kept; one use of databases is to store vast amounts of information for illegal purposes, such as buying things with it.

Front 19

identity theft

Back 19

The obtaining of private information about a person, such as social security number and/or credit card number, and using that information for illegal purposes, such as buying things with it.

Front 20

what is empowerment?

Back 20

Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.

Front 21

demography

Back 21

The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.

Front 22

What are goods?

Back 22

Tangible products such as computers, food, clothing, cars, and appliances,

Front 23

Services

Back 23

Intangible products such as education, health care, insurance, recreation, and travel and tourism.

Front 24

Economics

Back 24

The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

Front 25

Macroeconomics

Back 25

The part of economics that looks at the operation of a nation's economy as a whole.

Front 26

microeconomics

Back 26

The part of economics that looks at the behavior of people and organizations in particular markets.

Front 27

resource development

Back 27

The study of how to increase resources and to create the conditions that will make better use of those resources.

Front 28

invisible hand

Back 28

A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all.

Front 29

Capitalism

Back 29

An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.

Front 30

Supply

Back 30

The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.

Front 31

demand

Back 31

the quantity of products

Front 32

Market price

Back 32

The price determined by suppy and demand.

Front 33

perfect competition

Back 33

The market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product.

Front 34

monopolistic competition

Back 34

The market situation in which a large number of sellers produce products that are very similar but they are perceived by buyers as different.

Front 35

Oligopoly

Back 35

A form of competition in which just a few sellers dominate the market.

Front 36

monopoly

Back 36

A market in which there is only one seller for a product or service.

Front 37

socialism

Back 37

An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among the people.

Front 38

brain drain

Back 38

The loss of the best and brightest people to other countries.

Front 39

communism

Back 39

An economic and political system in which the state (the government) makes almost all economic decisions and owns almost all the major factors of production.

Front 40

free-market economics

Back 40

Economic systems in which the market largely determines what goods and services get produces, who gets them, and how the economy grows.

Front 41

command economies

Back 41

Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow.

Front 42

mixed economies

Back 42

Economic systems in which some allocation of resources is made by the market and some by the government.