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Taking Risks and Making Profits within the dynamic business environment
Terms in this set (34)
business
an organization that seeks to provide goods and services to others while operating at a profit
goods
Tangible products such as computers, food, clothing, cars, and appliances.
services
intangible products such as education, health care, insurance, recreation, and travel and tourism
Entrepreneur
a person who risks time and money to start and manage a business
revenue
The total amount of money a business takes in during a given period by selling goods and services.
profit
the amount of money a business earns above and beyond what it spends for salaries and other exspenses
loss
when a business's expenses are more than its revenues
risk
the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
standard of living
the amount of goods and services people can buy with the money they have
quality of life
the general well-being of a society in terms of political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy other goods and services provide.
stakeholders
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.
outsourcing
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.
insourcing
foreign countries bring companies over to the usa. helps offset jobs being outsourced.
the five factors of production
The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge.
business environment
the surrounding factors that either help or hinder the development of businesses
5 business environment
economic and legal, technological, competitive, social, global business.
technology
everything from phones and copiers to computers, medical imaging, the various software programs that make business processes more effective and productive.
efficiency
producing goods and services using the least amount of resources
Productivity
the amount of output you generate given the amount of input
e-commerce
the buying and selling of goods over the internet
database
an electronic storage file for information
empowerment
giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests
Demography
the statistical study of human population characteristics such as size, density, age, gender and income.
climate change
the movement of temperature of the planet up or down over time
greening
the trend toward saving energy and producing products that cause less harm to the environment
business's are part of the country's _______ system
economic
Businesses provide help to the communities they are in by helping to provide _____ , _____ , and _____
goods services and jobs
The _______ in a country are part of an economic system that contribute to the standard of living and quality of life for everyone
businesses
groups that have a strong interest in success and outcomes of a business, such as employees, neighbors, or government regulators, are called...
stakeholders
when a company contracts another, sometimes in another country, to do some of its functions, such as production or accounting, it is known as
outsourcing
founded to make contributions to the welfare of society
nonprofit organizations
Nonprofit organizations serve functions that businesses do not by making contributions to the welfare of society as a whole. examples are
public schools and charitable organizations like the united way.
an important effect of changed communication technology is that..
those with fewer resources can still compete with large biz through the internet
B2C and B2B
Business to consumer, business to business
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