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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
| A person who risks time and money to start and manage a business. |
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Definition
| total amount of money made |
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Definition
| Money earned above what the business spends, have to take risk to get |
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Definition
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Term
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Definition
Wal Mart, largest US private employer
Microsoft |
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| Standard of Living and Taxes |
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Definition
| Businesses pay taxes that gov uses, economic slowdown means less taxes, lower standard of living. Gov has to find right level of taxes and regulation |
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| Definition of Standard of Living |
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Definition
| Amount of goods and services people can buy with money they have |
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Term
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Definition
| people who stand to lose or gain by activities of business; business has to balance need for profit with stakeholders needs |
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Definition
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Term
| 5 Factors of Production That Contribute to Wealth |
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Definition
| Land, Labor, Capital, Entrepreneurship, Knowledge |
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Term
| 5 Elements of Business Environment |
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Definition
| Economic and Legal, Technological, Competitive, Social, Global |
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Term
| Economic and Legal Environment Effect on Business |
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Definition
People start businesses if they believe risk of losing money isn't too great.
Impact from economy and gov policy
Gov minimizes spending, taxes, regulations, corruption = good for business |
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Term
| Technological Environment Effect on Business |
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Definition
Better tech = more efficiency, productivity, and effectiveness
E-Commerce
Tech good for responding to customers |
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Definition
| Amount of output given amount of input |
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Term
| Competitive Environment Effect on Business |
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Definition
| Businesses have to focus on quality, value, customer expectations, restructuring and empowering their workforce |
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| Social Environment Effect on Business |
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Definition
| Demography, diversity, ageism, single parenting all cause effects |
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Term
| Global Environment Effect on Business |
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Definition
| Globalization, world trade, war, terrorism, climate change, going 'green' |
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Term
| Evolution of U.S. Business |
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Definition
| Agriculture - Service Industries - Information Era |
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