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STC BusinessNow CH1
| Term | Definition |
|---|---|
| Bankruptcy: | The legal process by which an individual or business unable to meet financial obligations can seek court protection under these laws and can be relieved of those debts by a court. |
| Business: | A person, partnership, or corporation that seeks to provide goods and services to others at a profit. |
| Business-to-business (B2B): | A business that produces products to sell to another business. |
| Business-to-consumer (B2C): | A business that produces to sell directly to the consumer. |
| Capitalist system: | A system in which companies and businesses are owned by citizens instead of the government. |
| Contract: | A legally enforceable agreement between two or more parties. |
| Database: | An electronic storage file for information. |
| Demographics: | Statistics about the human population with regard to its size, density, and other characteristics. |
| Diversity: | Broad differences among a group of people, including their ethnicity, sex, color, sexual orientation, body size, age, and so on. |
| E-commerce: | The buying and selling of goods over the internet. |
| Effectiveness: | Producing the desired results. |
| Efficiency: | Producing goods using the least amount of resources. |
| Empowerment: | Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests. |
| Entrepreneur: | A person who risks time and money to start and manage a business. |
| Expenses: | The cost of purchasing the goods and services that are needed to operate a business. |
| Factors of production: | The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge. |
| For-Profit organizations: | Organizations that are motivated to earn profits. |
| Free trade: | The movement of goods and services among nations without political or economic barriers. |
| Globalization: | The worldwide integration of government policies, cultures, social movements, and financial markets through trade and the exchange of ideas. |
| Goods: | Tangible products, such as cameras, food, computers, clothing, and cars. |
| Loss: | When a business’s expenses are more than its revenue. |
| Nonprofit organizations: | Organizations that are not driven to garner profits. |
| Outsourcing: | Assigning various functions, such as accounting, production, security, maintenance, and legal work, to outside organizations. |
| Productivity: | The amount of output generated given a particular amount of an input. |
| Profit: | The amount of money a business earns above and beyond what it spends for goods, services, salaries, and other expenses. |
| Resource: | An input used to produce a good. |
| Return on Investment (ROI): | The money gained from taking on a business risk. |
| Revenue: | The total amount of money a business takes in during a given period as a result of selling its goods or services. |
| Risk: | The chance an individual or organization takes of losing time and money on a business that may not prove profitable. |
| Services: | Intangible products, such as education, insurance, and travel. |
| Stakeholders: | Any people or organizations who stand to gain or lose from the activities of a business. |
| Standard of living: | The amount of goods and services people can buy with the money they have. |
| Tradable currency: | One country’s money that is allowed to be exchanged for another country’s money. |
| Value: | Good quality at a fair price. |
Created by:
vjambriz
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