SWUFE-Understanding Business 9th Edition-Chapter 1 – Flashcards
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Goods
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Tangible products such as computers, food, clothing, cars, and appliances
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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, healthcare, insurance, recreation and travel and tourism.
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Business
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Any activity that seeks to provide goods and services to others while operating at a profit
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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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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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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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Loss
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When a business's expenses are more than its revenues
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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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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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Quality of life
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The general well-being of a society in terms of its 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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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 the business need to address
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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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Nonprofit Organization
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An organization whose goals are for the betterment of the community, not financial gains.
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Factors of production
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The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge.
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Technology
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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.
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Business Environment
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The surrounding factors that either help of hinder the development of businesses.
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Productivity
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The amount of output you generate given the amount of input (ex: hours you work)
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E-Commerce
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The buying and selling of goods on the internet
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Database
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An electronic storage file for information.
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Identity theft
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The obtaining of individuals' personal information, such as Social Security and credit card numbers, for illegal purposes
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Empowerment
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Giving front-line workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests
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Demography
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The statistical study of the human population with regard to its size, density and characteristics like age, race, gender and income.
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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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Greening
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The trend toward saving energy and producing products that cause less harm to the environment
