Business - any activity that seeks to provide goods and services to others while operating at a profit.
Entrepreneur - a person who risks time and money to start and manage a business
Goods - tangible products such as computers, food, clothing, cars
services - intangible products, such as ...
Business management 101 chapter 1-7
exam guide
Business - any activity that seeks to provide goods and services to others while
operating at a profit.
Entrepreneur - a person who risks time and money to start and manage a business
Goods - tangible products such as computers, food, clothing, cars
services - intangible products, such as education, health care, insurance, recreation,
and travel and tourism.
revenue - the total amount of money a business takes in during a given period by
selling goods and services.
profit - the amount of money a business earns above and beyond what it spends for
salaries and other expenses.
loss - when a business's expenses are more than its revenues
risk - the chance an entrepreneur takes of losing time and money on a business that
may not prove profitable.
profit - Business take risks, but with great risks could come great ___________.
, standard of living - the amount of goods and services people can buy with the
money they have
quality of life - 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 that other goods and services provide.
stakeholders - all the people who stand to gain or lose by the policies and activities
of a business and whose concern the business needs to address.
outsourcing - contracting with other companies to do some of the firm's functions
insourcing - foreign companies opening offices and factories in the U.S
Land, labor, capital, entrepreneurship, and knowledge are the 5 factors of
_________________? - production; these are used by entrepreneurs to grow their
businesses and increase wealth.
What is one of the government's role in business? - minimizing spending and
keeping taxes and regulations to a minimum.
nonprofit organization - is an organization whose goals do not include making a
personal profit for its owners and organizers
empowerment - giving frontline workers the responsibility, authority, and freedom
to respond quickly to customer requests.
demography - the statistical study of the population in terms of size, density, and
characteristics like age, race, gender, and income.
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