chapter 1 vocab-cm
Terms
undefined, object
copy deck
- Profit
- the amount of money a business earns above and beyond what it spends for salaries and other expenses
- Stakeholders
- All the people who stand to gain or lose by the policies and activitiesof a business
- Revenue
- The total amount of money a business takes in during a given period by selling goods and services
- Goods
- Tangible products such as computers, food,clothing, cars, and appliances
- Quality of life
- The general well-being of a society in terms of political freedom, a clean natural enviroment, healthcare, safety, free time, and everything else the leads to satisfaction and joy
- Services
- Intangible products such as education, health care, insurance, recreation, and travel and tourism
- Business enviroment
- The surrounding factors that either help or hinder the development of businesses
- Empowerment
- Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests
- Identity theft
- The obtaining of private information about a person, such as SSN and/or credit card number, and using that information for illegal purposes, such as buying things with it
- Factors of production
- The resource used to create wealth: land,labor,capital, entreprenuership, and knowledge
- Database
- An electronic storage file where information is kept; one use of databases is to store vast amounts of information about consumers
- Nonprofit organization
- ab organization whose goals do not include making a personal profit for its owners or organizers
- Outsourcing
- Assigning various functions, such as accounting, production, security, maintenance, and, legal work, to outside organizations
- Loss
- When a business's expenses are more than its revenues
- Risk
- the chance and entreprenuer takes of losing time and money on a business that may not prove profitable
- Productivity
- The amount of output you generate given the amount of input
- Standard of living
- The amounts of goods and services people can buy with the money they have
- E-commerce
- The buying and selling of goods and services over the internet
- Demography
- The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income
- business
- any activity that seeks to provide goods and services to others while operating at a profit
- Entreprenuer
- A person who risks time and money tostart and manage a business
- Technology
- Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and various software programs that make business processes more effiecient and productive