Shared Flashcard Set

Details

Chapter 1
Taking Risks and Making Profits within the Dynamic Business Environment
24
Business
Undergraduate 1
09/11/2011

Additional Business Flashcards

 


 

Cards

Term
Revenue
Definition
the total amount of money a business takes in during a given period by selling goods and services
Term
Services
Definition
intangible products such as education, health care, insurance, recreation, and travel and tourism
Term
Entrepreneur
Definition
A person who risks time and money to start and manage a business
Term
Business
Definition
any activity that seeks to provide goods and services to others while operating at a profit
Term
Stakeholders
Definition
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
Term
Quality of Life
Definition
the general well-being of a society in terms of its political freedom, natural environment, etc. that add to the satisfaction and joy that other goods and services provide
Term
Standard of Living
Definition
the amount of goods and services people can buy with the money they have
Term
Outsourcing
Definition
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
Term
Greening
Definition
the trend toward saving energy and producing products that cause less harm to the environment
Term
Climate Change
Definition
the movement of the temperature of the planet up or down over time
Term
Demography
Definition
the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income
Term
Empowerment
Definition
giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests
Term
Goods
Definition
tangible products such as computers, food, clothing, cards, and appliances
Term
Risk
Definition
the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
Term

Nonprofit Organization 

(Not for Profit Organization) 

Definition
an organization whose goals do not include making a personal profit for its owners or organizers
Term
Loss
Definition
when a business's expenses are more than its revenues
Term
Profit
Definition
the amount of money a business earns above and beyond what it spends for salaries and other expenses
Term
Identity Theft
Definition
the obtaining of individuals' personal information, such as social security and credit card numbers for illegal purposes
Term
Database
Definition
an electronic storage file for information
Term
Productivity
Definition
the amount of output you generate given the amount of input
Term
Technology
Definition
everything from phones and copiers to computers, medical imgaging devices, pda's and the various software programsd that make business processes more effective, efficient, and productive
Term
Business Environment
Definition
the surrounding factors that either help or hinder the development of businesses
Term
Factors of Production
Definition
the resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge
Term
E-Commerce
Definition
the buying and selling of goods over the internet
Supporting users have an ad free experience!