Chapter 1
Terms
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- Effectiveness
- means producing the desired result
- Risk
- the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
- database
- an electronic storage file where information is kept; one use of the databases is to store vast amounts of information about consumers
- Quality of life
- 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
- Factors of production
- the resources used to create wealth; land, labor, knowledge, capital, entrepreneurship
- Entrepreneur
- a person who risks time and money to start and manage a business
- How can govt. promote entrepreneurship?
- keep taxes and regulation to a minimum, allow private ownership of businesses, minimize corruption, enable people to write enforceable contracts, establish currency thats tradable in the world market
- E-commerce
- the buying and selling of goods and services over the internet
- Standard of living
- the amount of goods and services people can buy with the money they have
- 5 Elements in Business Development
- Econ. and Legal environment, technological environment, competitive environment, social environment, global business environment
- Business environment
- the surrounding factors that either help or hinder the development of businesses
- Goods
- tangible products such as computers, food, clothing, cars, and appliances
- Business
- any activity that seeks to provide goods and services to others while operating at a profit
- Productivity
- the amount of output you generate given the amount of input
- Social entrepreneurs
- people who use business principles to start and manage organizations that are not for profit and help countries with their social issues
- Empowerment
- giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests
- Efficiency
- producing goods and services using the least amount of resources
- Stakeholders
- all the people who stand to gain or lose by the policies and activities of a business
- Demography
- the statistical study of the human population with regard to its size density and other characteristics such as age, race, gender, and income
- Services
- Intangible products such as education, health care, insurance, recreation, and travel and tourism