intro business ch. 1
business trends
Terms
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- revenue
- the total amount of money a business takes in during a given period by selling goods and services
- quality of life
- the general well-being of a society in terms of everything that leads to satisfaction and joy
- demography
- statistical study of the human population with regard to size, density and others.. age, race, income...
- factors of production
- the 5 resources used to create wealth; land, labor capital, entrepreneurship and knowledge
- database
- an electronic storage file where informationis kept
- entrepreneur
- a person who risks time and money to start and manage a business
- risk
- the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
- outsourcing
- assigning various functions to outside organizations
- e-commerce
- buying and selling of goods and services over the internet
- stakeholders
- all the people who stand to gain or loose by the poliies and activities of a business
- goods
- tangible products such as computers, food, clothing...
- empowerment
- giving frontline workers the responsibility, authority and freedom to respond quickly to customer requests
- technology
- everything from phones to copiers, things that make business processes more efficent and productinve
- non profit organization
- an organization whose goals do not include making a personal profit for its owners or organizers
- identity theft
- the obtaining of private info about a person
- business environment
- the surrounding factors that either help or hinder the development of business
- productivity
- the amount of output you generate given the amount of input
- loss
- when a business's expenses are more than its revenues
- services
- intangible products.. education, health care, insurance, travel and tourism
- business
- 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
- standard of living
- the amount of goods and services people can buy with teh money they have