Card Set Information

2012-03-17 03:20:46
Ch1 Terms

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  1. Business
    Any activity that seeks to provide goods and services to others while operating at a profit.
  2. Business environment
    The surrounding factors that either help or hinder the development of businesses.
  3. Climate Change
    The movement of the temperature of the planet up or down over time.
  4. Database
    An electronic storage file for information.
  5. Demography
    The statistical study of human population with regard to its size, density, and other characteristics such as age, race, gender, and income.
  6. E-commerce
    The buying and selling of goods over the Internet.
  7. Empowerment
    Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.
  8. Entrepreneur
    A person who risks time and money to start and manage a business.
  9. Factors of production
    The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge.
  10. Goods
    Tangible products such as computers, food, clothing, cats, and appliances.
  11. Greening
    The trend toward saving energy and producing products that cause less harm to the environment.
  12. Identity theft
    The obtaining of individuals� personal information, such as Social Security and credit card numbers, for illegal purposes.
  13. Loss
    When a business�s expenses are more than its revenues.
  14. Nonprofit organization
    An organization whose goals do not include making a personal profit for its owners or organizers.
  15. Outsourcing
    Contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks.
  16. Productivity
    The amount of output you generate given the amount of input (e.g., hours worked).
  17. Profit
    The amount of money a business earns above and beyond what it spends for salaries and other expenses.
  18. Quality of life
    The general well-being of a society in terms of its political freedom, natural environments, education, health care, safety, amount of leisure and rewards that add to the satisfaction and joy that other goods and services provide.
  19. Revenue
    The values of what is received for goods sold, services rendered, and other financial sources.
  20. Risk
    The chance of loss, the degree of probability of loss, and the amount of possible loss.
  21. Services
    Intangible products (i.e., products that can�t be held in your hand) such as education, health care, insurance, recreation, and travel and tourism.
  22. Stakeholders
    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.
  23. Standard of living
    The amount of goods and services people can buy with the money they have.
  24. Technology
    Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more effective, efficient, and productive.