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Intro to Bus/Basics
Chapter 1 Business Basics
| Question | Answer |
|---|---|
| Social environment | demographic factors: race, ethnicity, gender, age, income distribution, sexual orientation |
| Globalization | the merging of economies around the world |
| Local business | unique, relies on local consumers to generate business |
| regional business | companies that serve a wider area than local businesses but do not serve national or international markets |
| national business | several outlets throughout the US, but does not serve an international market |
| multinational enterprises | companies that have operations in more than one country |
| sole proprietorship | business owned by one person, not registered with the state, not legally seperated from the owner |
| partnership | business owned by two or more people, not registered with the state as a corporation or limited liability company |
| general partnership | every partner participates in the daily mgmt tasks of the business and each has some degree of control over the decisions that are made |
| limited partnership | there is at least one partner who controls business operations and is personally liable |
| corporation | business that is a legal entity separate from the owner or owners |
| limited liabiliity company | company where the owners have limited personal liability for debts and actions of the company, but also provides owners with tax advantages and mgmt flexibility inherent in sole proprietorships and partnerships |
| profit | earned when a company's revenue exceeds its expenses |
| business | an entity that offers goods and services to its customers in order to earn a profit |
| nonprofit business | business that does not pursue profits, but instead seeks to service its community through social, educational, or political means |
| goods | physical products offered by a business |
| services | intangible products such as a haircut |
| factors of production, definition | resources used to create goods and services |
| 5 factors of production | labor, natural resources, capital, entrepreneurs, technology |
| competition | when two or more businesses contend to attract customers and gain an advantage over one another, forces companies to improve the rproduct offerings, lower prices, promote their brand, focus on customer satisfaction |
| revenue | money that a company brings in (earnings) |
| expenses | the money that a company pays out |
| two types of capital | real capital and financial capital |
| real capital | physical facilities used to produce goods and services |
| financial capital | money used to facilitate a business enterprise |
| green economy | one that factors ecological concerns into its business decisions |
| e-commerce | B2C business to consumer, B2B business to business |
Created by:
TeachAClass
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