business ed chapter 1
Terms
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- factors or production
- the resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge
- loss
- when a business expenses are more than its revenue
- nonprofit organization
- an organization whose goals do not include making a personal profit for its owners or organizers
- productivity
- the amount of output you generate given the amount of input
- quality of life
- general well-being of a society in everything that brings joy and satisfaction
- buisness
- any activity that seeks to provide goods and services to others while operating at a profit
- profit
- the amount of money a business earns above and beyond what it spends for salaries and other expenses
- goods
- tangible products such as computers, food, clothing, cars, and applicances
- empowerment
- giving frontline workers the repsonsibility, authority, and freedom to respond quickly to customer requests
- services
- intangible products such as education, health care, insurance, recreation, and travel and tourism
- e-commerce
- the buying and selling of goods and services over the internet
- technology
- 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
- risk
- the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
- business environment
- the surrounding factors that either help or hinder the development of business
- entrepreneur
- a person who risks time and money to start and manage a business
- identity theft
- 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
- revenue
- total amount of money a business takes in during a given period by selling goods and services
- standard of living
- the amount of goods and services people can buy with the money they have
- database
- an electronic storage file
- demography
- the statistical stutdy of the human population with regard to tis size, density, and other characteristics such as age, race, gender, and income
- outsourcing
- assigning various functions, such as accounting, production, security, maintenence, and legal work, to ourside organizations
- stakeholders
- all the people who stand to gain or lose by the policies and activities of a business