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Bus 1 Test 1
Bus 1 Test 1
20
Business
Undergraduate 1
02/25/2012

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Term
BUSINESS
Definition
ALL PROFIT-SEEKING ACTIVITIES AND ENTERPRISES THAT PROVIDE GOODS AND SERVICES NECESSARY TO AN ECONOMIC SYSTEM
Term
PROFITS
Definition
REWARDS FOR BUSINESS PEOPLE WHO TAKE THE RISKS INVOLVED TO OFFER GOODS AND SERVICES TO CUSTOMERS
Term
NOT-FOR-PROFIT ORGANIZATIONS
Definition
ORGANIZATION THAT HAS PRIMARY OBJECTIVES SUCH AS AS PUBLIC SERVICE RATHER THAN RETURNING A PROFIT TO ITS OWNERS
Term
TANGIBLE GOODS VS. SERVICES
Definition
TANGIBLE GOODS: PHYSICAL PRODUCTS
SERVICES: NOT PHYSICAL (EX: HAIR STYLISTS)
Term
BUSINESS INVOLVES AN EXCHANGE BETWEEN ________ AND _________
Definition
BUYER, SELLER
Term
BUYER
Definition
RECOGNIZES A NEED FOR A GOOD OR SERVICES AND TRADES MONEY WITH A SELLER TO OBTAIN THAT PRODUCT
Term
SELLER
Definition
PROVIDES GOODS/SERVICES IN HOPES OF GAINING PROFITS
Term
PROFITS IN TERMS OF ACCOUNTING
Definition
= REVENUE - EXPENSES
Term
A COMPANY NEEDS ________ TO SURVIVE
Definition
PROFITS
Term
WHY IS IT IMPORTANT FOR NON-PROFITS TO RAISE MONEY
Definition
SO THEY CAN OPERATE AND ACHIEVE THEIR SOCIAL GOALS
Term
PRIVATE SECTOR NOT-FOR-PROFITS
Definition
MUSEUMS, LIBRARIES, CHARITY, RELIGIOUS ORGANIZATION
Term
PUBLIC SECTOR NOT-FOR-PROFITS
Definition
GOVERNMENT AGENCIES, POLITICAL PARTIES, LABOR UNIONS
Term
WHAT ARE THE FOUR BASIC FACTORS OF PRODUCTION
Definition
NATURAL RESOURCES, CAPITAL, HUMAN RESOURCES, ENTREPRENEURSHIP
Term
FACTORS OF PRODUCTION
Definition
FOUR BASIC INPUTS FOR EFFECTIVE OPERATION
Term
NATURAL RESOURCES
Definition
ALL PRODUCTION INPUTS THAT ARE USEFUL IN THEIR NATURAL STATE, INCLUDING AGRICULTURAL LAND, BUILDING SITES, FORESTS, AND MINERAL DEPOSITS
Term
CAPITAL
Definition
PRODUCTION INPUTS CONSISTING OF TECHNOLOGY, TOOLS, INFORMATION, AND PHYSICAL FACILITIES
Term
HUMAN RESOURCES
Definition
PRODUCTIONS INPUTS CONSISTING OF ANYONE WHO WORKS, INCLUDING BOTH THE PHYSICAL LABOR AND INTELLECTUAL INPUTS CONTRIBUTED BY WORKERS
Term
ENTREPRENEURSHIP
Definition
WILLINGNESS TO TAKE RISKS TO CREATE AND OPERATE A BUSINESS
Term
PRIVATE ENTERPRISE SYSTEM
Definition
ECONOMIC SYSTEM THAT REWARDS FIRMS FOR THEIR ABILITY TO IDENTIFY AND SERVE THE NEEDS AND DEMANDS OF CUSTOMERS
Term
____________ MINIMIZES GOVERNMENT INTERFERENCE IN ECONOMIC ACTIVITY
Definition
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