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Bus 101 OCC

Contemporary Business- Understanding business 10th edition; Nickels, McHugh,

Business any activity that seeks to provide goods & services to others while operating at a profit.
Entrepreneur a person who risks time & money to start & manage a business
Revenue - Expenses = Net income (aka profit)
Stakeholders are all the people who stand to gain or lose by the policies & activities of the business e.g. customers, employees, vendors, bankers, community, ect.
Outsourcing assigning various functions such as accounting, security to outside organizations
Factors of production are resources used to create wealth.
Name 5 factors of production land (natural resources) labor (workers) capital(machines, tools, buildings; excludes money entrepreneurship knowledge
money used to buy factors
Business Environment Help or hinder business development
Name 5 business environment Economic & legal enviorment Technological enviornment Competitive enviornment Social environment Global business environment
E-commerce buying & selling over the internet
Demography statistical study of the human population regarding its size, density, age, race, gender, income
Created by: fritt



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