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Chapter 1
Taking Risks and Making Profits within the Dynamic Business Environment
40
Business
Undergraduate 1
01/25/2022

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Cards

Term
What is any activity that seeks to provide goods and services to others while operating at a profit?
Definition
A business
Term
What are tangible products such as computers, food, clothing, cars, and appliances?
Definition
Goods
Term
What are intangible products such as education, health care, insurance, recreation, and travel and tourism?
Definition
Services
Term
Who is a person who risks time and money to start and manage a business?
Definition
Entrepreneur
Term
What is the total amount of money a business takes in during a given period by selling goods and services?
Definition
Revenue
Term
What is the amount of money a business earns above and beyond what it spends for salaries and other expenses?
Definition
Profit
Term
What occurs when a business's expenses are more than its revenues?
Definition
Loss
Term
What's the chance an entrepreneur takes of losing time and money on a business that may not prove profitable?
Definition
Risk
Term
What is the amount of goods and services people can buy with the money they have?
Definition
Standard of living
Term
What is the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy the other goods and services provide?
Definition
Quality of life
Term
Who are 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?
Definition
Stakeholders
Term
What is contracting with companies (often in other countries) to do some or all functions of a firm?
Definition
Outsourcing
Term
What are foreign companies that make businesses in the United States?
Definition
Insourcing
Term
What is an organization whose goals do not include making a personal profit for its owners or organizers?
Definition
Nonprofit organization
Term
What are the resources used to create wealth (land, labor, capital, entrepreneurship, and knowledge)?
Definition
Factors of production
Term
What are the 5 factors of production?
Definition
Land, labor, capital, entrepreneurship, and knowledge
Term
What factor of production includes machines, tools, and buildings?
Definition
Capital
Term
What is the surrounding factors that either help or hinder the development of businesses?
Definition
Business environment
Term
What are the 5 elements in the business environment?
Definition
Economic/legal, technological, competitive, social, and the global business environment
Term
What business environment includes freedom of ownership, contract laws, elimination of corruption, tradeable currency, and minimum taxes and regulations?
Definition
Economic or legal environment
Term
What business environment includes information technology, databases, bar codes, and the internet?
Definition
Technological environment
Term
What business environment includes customer service, stakeholder recognition, employee service, and concern for the environment?
Definition
Competitive environment
Term
What business environment includes diversity, demographic changes, and family changes?
Definition
Social environment
Term
What is everything from phones to computers, mobile devices, medical imaging machines, robots, the internet, social media, and the various software programs, and business processes more effective, efficient, and productive?
Definition
Technology
Term
What means producing the desired result?
Definition
Effectiveness
Term
What refers to reusing, redistributing, refurbishing, and recycling products instead of dumping them in landfills?
Definition
Circular economy
Term
What is the amount of output you generate given the amount of input?
Definition
Productivity
Term
What means producing goods and services using the least amount of resources?
Definition
Efficiency
Term
What is the buying and selling of goods on the internet?
Definition
E-commerce
Term
What are the 2 types of e-commerce transactions?
Definition
Business to consumer and business to business
Term
What is an electronic storage file for information?
Definition
Database
Term
What is the obtaining of individuals' personal information, such as Social Security and credit card numbers, for illegal purposes?
Definition
Identity theft
Term
What is giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests?
Definition
Empowerment
Term
What is the statistical study of human population with regards to its size, density, and other characteristics such as age, race, gender, and income?
Definition
Demography
Term
What means having a voice that is heard?
Definition
Inclusion
Term
What is about feeling a part of community?
Definition
Belonging
Term
What is another name for world trade?
Definition
Globalization
Term
What is the movement of the temperature of the planet up or down over time?
Definition
Climate change
Term
What is the trend toward saving energy and producing products that cause less harm to the environment?
Definition
Greening
Term
What includes employee knowledge and skills that can be used to create new products, attract new customers, and increase profits?
Definition
Intellectual capital
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