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36 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 profit
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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, travel and tourism.
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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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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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profit
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the amount of money a business earns above and beyond what it spends for salaries and other expenses
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loss
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when a business' expenses are more than its revenue
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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 its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
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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 and whose concerns the business needs to address
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outsourcing
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contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks.
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nonprofit organization
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an organization whose goals do not include making a personal profit for its owners or organizers
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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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business environment
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the surrounding factors that either help or hinder the development of businesses.
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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 processes more effective, efficient, and productive
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productivity
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the amount of output you generate given the amount of input (e.g. hours worked)
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e-commerce
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the buying and selling of goods over the internet
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database
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an electronic storage file for information
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identity theft
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the obtaining of individuals' personal information, such as SSN and credit card numbers, for illegal purposes
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empowerment
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giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests
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demography
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the statistical study of the human population with regard to its size, density, and other characterisitics such as age, race, gender, and income
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climate change
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the movement of the temperature of the planet up or down over time.
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greening
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the trend toward saving energy and producing products that cause less harm to the environment
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What is the relationship of businesses' profit to risk assumption?
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Businesspeople make profits by taking risks. A loss occurs when a business' costs and expenses are higher than its revenues.
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Who are stakeholders, and which stakeholders are most important to a business?
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Stakeholders include customers, employees, stockholders, suppliers, dealers, bankers, the media, people in the local community, environmentalists, and elected goverenment leaders. The goal of business leaders is to try to recognize and respond to the needs of these stakeholders and still make a profit.
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What are the advantages and disadvantages of entreprenuership?
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Working for others means getting benefits like paid vacations and health insurance. Entrepreneurs take more risks and lose those benefits. They gain the freedom to make their own decisions, more oppurtunity, and possible wealth.
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What are the five factors of production?
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Land. Labor. Capital. *Entrepreneurship. *Knowledge.
* = the most important |
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What can governments in developing countries do to reduce the risk of starting businesses and thus help entrepreneurs?
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The govt may allow private ownership of businesses, pass laws that enable businesspeople to write contracts that are enforceable in court, establish a currency that's tradable in world markets, help to lessen corruption in business and government, and keep taxes and regulations to a minimum. Lower taxes means lower risks, more growth, and more money for workers and the govt.
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How has technology benefited workers, businesses and consumers?
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Technology enables workers to be more effective, efficient and productive. Effectiveness means doing the right thing in the right way. Efficiency means producing items using the least amount of resources. Productivity is the amount of output you generate given the amount of input.
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What are some ways in which businesses meet and beat competition?
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Some companies have found a competitive edge by focusing on making high-quality products, all the way to zero- defects. Companies also ain to exceed customers expectations. Often that means empowering frontline workers by giving them more training and more responsibility and authority.
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How have social changes affected businesses?
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Diversity has come to mean much more than recruiting and keeping minority and female employees. Diversity efforts now include seniors, disabled people, homsexuals, atheists, extroverts, introverts, married people, single people, and the devout. It also means dealing sensitively with workers and cultures around the world. Providing Social Security benefits to senior citizens in the future will draw huge amounts of money from the working population.
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Which countries are creating the greatest challenges?
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China and India are two major competitors.
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What will be the impacts of future wars and terrorism?
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Some businesses, such as those in the defense industry, may prosper. Others, such as tourism, may suffer. One way to minimize world tensions is to help less developed countries to become more prosperous.
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What is the history of our economic development in the US and what does it tell us about the future?
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Agricultural workers displaced by improved farm technology went to work in factories. Improved manufacturing productivity and increased competition from foreign firms contributed to the development of a service of economy in the US. The service era is now giving way to an information-based global revolution that will affect all sectors of the economy. The secret to long-term success in such an economy is flexibility and continuing education to be prepared for the oppurtunities that are sure to arise.
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What job oppurtunities for college graduates exist in the service sector?
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See Figure 1.4, page 22
Lodging services, Personal services, business services, automotive repair services and garages, miscellaneous repair services, motion picture industry, amusement and recreation services, health services, legal services, educational services, social services, noncommercial museums, art galleries, and botanical and zoological gardens, selected membership organizations, financial services, and miscellaneous services |
