Business Class – Flashcards
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business
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an activity that seeks to provide goods and services to others while operating at a profit.
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business environment
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the surrounding factors that either help or hinder the development of businesses
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climate change
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the movement of the temperature of the planet up or down over time
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database
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an electronic storage file for information
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demography
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the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income
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e-commerce
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the buying and selling of goods over the internet
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empowerment
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giving frontline workers the responsibility, authority,, freedom, training, and equipment they need to respond quickly to customer requests
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entrepreneur
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a person who risks time and money to start and manage a business
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factors of production
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The resources used to create wealth: land labor capital entrepreneurship knowledge
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goods
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tangible products such as computers, food, clothing, cars, and appliances
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greening
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the trend toward saving energy and producing products that cause less harm to the environment
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identity theft
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obtaining of individuals' pesonal information such as Social Security and credit card numbers, for illegal purposes
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loss
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when a business's expenses are more than its revenue
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non profit organization
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an organization whose goals do not include making a personal profit for its owners or organizers
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outsourcing
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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.
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productivity
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the amount of output you generate given the amount of input (e.g. hours worked)
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profit
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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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quality of life
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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.
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revenue
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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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risk
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the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
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services
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intangible products (i.e., products that can't be held in your hand) such as education, health care, insurance, recreation, and travel and tourism
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stakeholders
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all the people who stand to gain or lose by the policies and activities of a business and whose concerns are the business needs to address.
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standard of living
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the amount of goods and services people can buy with the money they have
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technology
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Everything form 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
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What is the relationship of business' profit to risk assumption?
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Profit is money business earns above and beyond the money that it spends for salaries and other expenses. Businesspeople make profits by taking risks. Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. A loss occurs when a business's costs and expenses are higher than its revenues
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Who are stakeholders, and which stakeholders are most important to a business?
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Stakeholders include customers, employees, stockholders, suppliers, dealers, bankers, the media, people in the local community, environmentalists,and elected government leaders. The goal of business leaders is to try to recognize and respond to the needs of these stakeholders and still make a profit
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What are the advantages and disadvantages of entrepreneurship?
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Working for others means getting benefits like paid vacations and health insurance. Entrepreneurs take more risks and lose those benefits. They gain the freedom to make their own decisions, more opportunity, and possible wealth
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What are the 5 factors of production?
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Land Labor Capitalism Entrepreneurship Knowledge of those the most important are entrepreneurship and knowledge. Entrepreneurs are people who risk time and money to start and manage a business. what makes rich countries rich today is the combination of entrepreneurship and the effective use of knowledge.
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What can governments in developing countries do to reduce the risk of starting businesses and thus help entrepreneurs?
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The government may allow private ownership of business, pass laws that enable businesspeople to write contracts that are enforceable in court, establish a currency that's tradable, in world markets, help to lessen corruption in business and government, and keep taxes and regulations to a minimum. From a business perspective, lower taxes mean lower risks, more growth, and thus more money for workers and the government
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How has technology benefited workers, businesses and consumers?
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Technology enables workers to be more effective, efficient, and productive. Effectiveness means doing the right thing in the right way. Efficiency means producing items using the least amount of resources, Productivity is the amount of output you generate given the amount of input (e.g. hours worked)
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What are some ways businesses meet and beat competition?
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Some companies found a competitive edge by focusing on making high-quality products, all the way to zero defects. Companies also aim to exceed customer expectations. Often that means empowering frontline workers by giving them more training and more responsibility and authority.
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How have social changes affected businesses?
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Diversity has come to mean much more than recruiting and keeping minority and female employees. Diversity efforts now include seniors, disabled people, homosexuals, atheists, extroverts, introverts, married people, singles, and the devout. It also means dealing sensitively with workers and cultures around the world. Providing Social Security benefits to senior citizens in the future will draw huge amounts of money from the worker population. That is why there is so much discussion about Social Security in the media today.
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Which countries are creating the greatest challenges?
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China and India are two major competitors
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What will be the impact of future wars and terrorism?
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Some businesses, such as those in the defense industry, may prosper. Others such as tourism, may suffer. One way to minimize world tensions is to help less developed countries to become more prosperous
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What is the history of our economic development in the United States, and what does it tell us about the future?
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Agricultural workers displaced by improved farm technology went to work in factories. Improved manufacturing productivity and increased competition from foreign firms contributed to the development of a service economy in the USA. the service era is now giving way to an information-based global revolution that will affect all sectors of the economy. The secret to long-term success in such an economy is flexibility and continuing education to be prepared for opportunities that are sure to arise
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What job opportunities for college graduates exist in the service sector?
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Lodging Services Personal Services Business Services Automotive Repair and Services Garages Miscellaneous Repair Services Motion Picture Industry Amusement and Recreation Services Health Services Legal Services Education Services Social Services Noncommercial Museums, Art Galleries, and Botanical and Zoological Gardens Selected Membership Organizations Financial Services Miscellaneous Services
