Term
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Definition
| Any Activity that seeks to provide goods and services to others while operating at a profit |
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Definition
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Definition
| Intangible Products...i.e. can't be held in your hand |
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Definition
| A person who risks time and money to start a business |
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Term
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Definition
| The total amount of money a business takes in during a given time period by selling goods and services |
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Definition
| The amount of money a business earns above and beyond what it spends for salaries and other expenses |
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Definition
| When a business' expenses are more than its revenues |
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Term
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Definition
| The chance an entrepreneur takes of losing time and money on a business that may not prove profitable |
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Term
| Define: Standard of Living |
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Definition
| The amount of goods and services people can buy with the money they have |
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Term
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Definition
| The general well-being of a society in terms of its political freedom, natural environment, education, etc that add to the satisfaction and joy that other goods and services provide |
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Definition
| All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business need to address. |
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Definition
| Contracting with other companies (often in other countries) to do some or all of the functions of a firm |
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| Define: Nonprofit Organization |
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Definition
| An organization whose goals do not include making a personal profit for its owners |
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| Define: Social Entrepreneurs |
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Definition
| People who use business principals to manage non-profits to help address social issues |
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Term
| What are the 5 factors of Production |
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Definition
Land
Labor
Capital
Entrepreneurship
Knowledge |
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Term
| What are the 5 business Environments |
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Definition
The Economic and Legal Environment
The technological Environment
The Competitive Environment
The Social Environment
The Global Business Environment |
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Term
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Who helps and how in the
THE ECONOMIC AND LEGAL ENVIRONMENT? |
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Definition
The government can promote businesses by:
1) Minimizing Spending and keeping taxes/regulations to a minimum
2) Allow private ownership
3) laws to make enforcible contracts
4) Tradable Currencies
5) Minimize Corruption |
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Term
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The capitalist system relies heavily on? |
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Definition
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integrity, and high ethical standards |
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Term
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Definition
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the amount of output you generate given the amount of input |
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Term
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Definition
| Producing the desired result |
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Term
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Definition
| Producing goods and services using the least amount of resources |
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Term
What are
the two types of e-commerce transactions?
What is their ratio?
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Definition
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BUSINESS-TO-CONSUMER (B2C) and BUSINESS-TO-BUSINESS (B2B).
c
B2B E-COMMERCE is five times as big as B2C e-commerce. |
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Term
| What is the Competitive environment |
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Definition
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Making quality products is not enough to stay competitive in world markets—now you have to offer QUALITY PRODUCTS and OUTSTANDING SERVICE at competitive prices. |
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Term
| What are three methods of competing |
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Definition
Exceed Customer Expectations
Compete with Speed
Restructuring and empowerment of workers |
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Term
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Definition
frontline workers the responsibility, authority, and freedom to respond quickly to customer requests |
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Term
| Define: Customer Driven Business |
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Definition
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customers’ wants and needs come first. |
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Term
Define:
CROSS-FUNCTIONAL TEAMS |
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Definition
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teams that work without close supervision.due to the ELIMINATION OF MANAGERS as lower-level workers learn to work in self-managed teams.
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Term
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Definition
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is the statistical study of the human population in regard to its size, density, and other characteristics, such as age, race, gender, and income. |
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Term
| Baby Boomer Generations Years |
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Definition
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Term
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Definition
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Term
| How is the Social Enviroment Changing |
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Definition
Increased diversity
Increased Elderly
Increased Single Parent Families
Increase in dual income families |
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Term
| Why is the global environment important? |
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Definition
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The global environment of business affects all other environmental influences |
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Term
| Global Environmental Factors |
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Definition
Growth of International Competition
Quality from foreign markets
Productivity
War & Terrorism- threats increase cost
Improvements in Communication
Continued pressure on oil prices and demand
International competition and free trade |
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Term
| War & Terrorism effect on market |
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Definition
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