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Flashcards in Chapter 1 Deck (24):
1

Business

Any activity that seeks to provide goods and services to others while operating at a profit

2

Goods

Tangible products, such as computers, clothing, food

3

Services

Intangible products, such as healthcare, education, travel

4

Entrepreneur

A person who risks time and money to start a business

5

Revenue

An amount of money a business takes in during a certain period by selling goods and services

6

Profit

The money a business earns above what it spends

7

Loss

Expenses are more than revenues

8

Nonprofit organization

Does not include making money for profit

9

Five Factor of productions

Land, Labor, Capital, Entrepreneurship, Knowledge

10

Business Environment five elements

1. Economic and Legal
2. Technologcial
3. Competitive
4. Social
5. Global

11

Productivity

The amount of output you generate given the amount of input

12

E-Commerce

Buying and selling online

13

Database

An electronic storage file for information

14

Identity Theft

Obtain people's information

15

Empowerment

Give front-line workers responsibility

16

Demography

The statistical study of humans with regard of size, density, race, gender, and income.

17

Diversity

Includes seniors, disabled, bi-sexual or gay, single

18

Climate Change

Movement of temperature of the planet

19

Greening

Enviormenlty friendly

20

Quality of Life

General well-being of a society, political freedom, environment, health care, and leisure

21

Stakeholders

People who gain or loss by the policies and activities of a business. Includes customers, employees, stockholders, suppliers, dealers, competitors, government leaders

22

Outsourcing

Contracting with another company

23

Risk

You take a chance of losing time or money

24

Standard of Living

The amount of goods and services that people can buy with the amount of money they have