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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| Tangible products such as computers, food, clothing, cars and appliances. |
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| Intangile products (i.e., products that cant be held in your hand) such as education, health care, insurance, recreation and travel and tourism. |
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| A person who risks time and money to start and manage a business. |
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| The total amount of money a business takes in during a given period by selling goods and services. |
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| The amount of money a business earns above and beyond what it spends for salaries and other expenses |
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| When a business expenses are more than it revenues. |
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Term
| How can businesses raise the standard of living |
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Definition
| Businesses and employees pay taxes that the federal government and the local community use for: hospitals, schools, libraries, playgrounds, roads, fire protection, police protection, support for people in need. |
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Definition
| The chance an enterpreneur takes of losing time and money on a business that may not prove profitable. |
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| Define Standard of living |
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Definition
| the amount of goods and services peope can buy with the money they have. |
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| The general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide. |
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| All the people who stand to gain or lose by the policies and activities of a business and whose concerns the businesses needs to address |
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Definition
| Customers, employees, stockholders, suppliers, dealers, community members, media, elected officials, bankers, enviromentalists. |
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| Contracting with other companies (often in other countries) to do some of the firm's functions, like production or accounting. |
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Definition
| Foreign companies opening offices and factories in the United States. For example south korean Hundai operates design headquarters in Detroit |
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| Define non-profit organization |
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Definition
| An organization whose goals so not include making a personal profit for its owners or organizers. Ex. Muhamad Yunus won a Nobel Prize for starting Grameen Bank, which lends loans to people who want to start a business but are too poor to do so. |
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Term
| What is the difference between Revenue and Profit? |
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Definition
| Revenue is all the income a business receives, while profit is the amount of gain beyond the amount needed for costs. |
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Term
| What is the difference between standard of living and quality of living? |
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Definition
| The standard of living is the amount of goods or services individuals can buy, whereas the quality of life also involves political freedom, education and other sectors that benefit society. |
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Term
| What's Risk? How is it related to profit? |
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Definition
| Risk is the chance an enterpreneur looses time and money in a business that wont be profitable. The greater the risk before starting a business, the greater the profit can be. |
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Term
| What are the advantages and disadantages of enterpreneurship |
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Definition
| Advantages: freedom to succeed, make your own decisions, high possibility of wealth, hire your own staff. Disadvantages: freedom to fail, no paid vacations, no health insurance, no daycare. |
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Term
| Define factors of production |
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Definition
| The resources used to create wealth: land, labor, capital, enterpreneurship, knowledge Knowledge seems to be the most important one for the creation of wealth.. |
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Term
| Define business environment and mention the five elements. |
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Definition
| The surrounding factors that either help or hinder the development of businesses. The five facotrs are: the economic and legal environment, the technological environment, the competitive environment, the social environment, the global business environment.. |
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Term
| Mention the government's role in business. |
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Definition
| 1. Minimizing spending and keeping taxes and regulations to a minimum. 2-Allowing private ownership of businesses. 3- Minimizing interference with the free exchange of goods and services. 4. Passing laws that enable businesspeople to write enforceable contracts. 5-Establishing a currency thats tradable in world markets. 6- Minimizing corruption |
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Term
| Countries most and least corrupt in the world |
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Definition
| Least Corrupt: Denmark, New Zealand, Singapore, Finland, Sweden. Most corrupt: Somalia, Myanmar, Afghanistan, Iraq and Uzbekistan. |
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Term
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Definition
| Everything from phones to copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more effective, efficient and productive. |
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Term
| Define effectiveness and efficiency |
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Definition
| Effectiveness- Producing the desired result. Efficiency- producing goods and services using the least amount of resources. |
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Term
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Definition
| The amount of output you generate given the amount of input. |
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| Example of social media in business |
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Definition
| JCPENNEY used Twitter and Facebook into their spring ad campaign to target 18-35 year olds. |
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Term
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Definition
| The buying and selling of books on the internet. There are two types, Business to Consumer (B2C) and Business to Business (B2B) |
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Term
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Definition
| An electronic storage file for information. |
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| The obtaining of individuals' personal info, such as Social Security and credit card numbers, for illegal purposes. |
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Term
| The competitive environment: Define empowerment |
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Definition
| Giving frontline workers the responsibility, authority and freedom to respond quickly to customer requests. This is done due to the fact that today customer wants excellent customer service. |
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Term
| The Social Environment: Define Demography |
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Definition
| The statistical study of the population in terms of size, density and characteristics like age, race, gender and income. |
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Term
| What are some of the changes in the US' population regarding diversity. |
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Definition
| Diversity has grown from just recruiting minority and female workers. Population shifts are creating opportunities for some and limiting others. Growth of single-parent household have encouraged businesses to implement programs such as familyleave and flextime. |
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Term
| Mention the important changes in Global Environment |
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Definition
| 1- Growth of global competition. 2- Increase of free trade among nations3- Development of efficient distribution systems. 4- Advanced in communication systems. |
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Term
| Mention the increasing costs of the global environment of wars and terrorism |
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Definition
| Wars like those in Iraw cost billions of dollars. This causes tax money to be diverted. Cost of security goes up, as well as the cost of insurance. |
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Term
| Define climate change and greening |
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Definition
| Climate change- Movement of the temperature of the planet up or down over time. Greening- Trend towards saving energy and producing products that cause less harm to the environment. |
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Term
| What are the four eras in the evolution of business |
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Definition
| Agriculture Era --> Manufacturing era --> Service Era --> Information-Based Era. |
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Term
| Describe the Agricultural Era in the US |
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Definition
| In the 1800s, the agricultural industry led the economic developmen. Technology, like the harvester and cotton gin, changed the farming industry making it more efficient. This led to fewer farmers with larger farms. |
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| Describe the Manufacturing Era |
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Definition
| Industrialization in the 19th and 20th centuries moved jobs from farms to factories. As technology improved productivity, fewer workers were needed in factories. |
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Term
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Definition
| Makes up about 70% of the U.S. economy. Since the mid 1980s, the service industry generated almost all the increases in employment. More high-paying jobs in service industries. |
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| What is the future for college graduates? |
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Definition
| The service era is closing while there is an information-based global revolution. |
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