takingriskchpt1scs
Terms
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- goods
- are tangible products such as computers, food, clothing,cars, and appliances
- e-commerce
- the buying and selling of goods over the internet
- identity theft
- is the obtaining of private information a person and using the information for illegal purposes
- risk
- is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
- business
- any activity that seeks to provide goods and servies to others while operating at a profit
- technology
- means everything from phones and copiers to computers etc..
- services
- are intangible products such as education, health care, insurance, recreation, and travel and tourism
- demography
- is the statistical study of the human population with regard to its size, density, and other characteristics
- database
- is an electronic storage file where information is kept
- revenue
- is the total amount of money a business takes in during a given period by selling goods and services
- business environment
- consist of the surrounding factors that either help or hinder development of businesses
- loss
- occurs when a business's expenses are more than it revenues
- standard of living
- refers to the amount of goods and services people can buy with the money they have
- productivity
- the amount of output you generate given the amount of input
- empowerment
- giving front line workers the responsibility, authority, and freedom to respond quickly to customers request
- stakeholders
- are all the people who stand to gain or lose by the policies and activites of a business
- nonprofit organization
- is an organization whose goals do not include making personal profit for its owners or organizer
- factors of production
- the resources used to create wealth: land, labor,capital, entrepreneurship, and knowledge
- quality of life
- refers to the general well-being of a society in terms of political freedom
- outsourcing
- means contracting with other companies to do some or all of the functions of a firm
- entrepreneur
- is a person who risks time and money to start and manage a business
- profit
- is the amount of money a business earns above and beyond what it spends for salaries and other expenses