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MEC-FBO1

Unit 1 - key terms

TermDefinition
business Any activity that seeks to provide goods and services to others for a profit
Goods Tangible products such as computers, food, clothing, cars and appliances.
Services Intangible products (that can’t be held in your hand) like education, healthcare, insurance, recreation and travel.
Entrepreneur A person who risks time and money to start and manage a business.
Revenue The total amount of money a business takes in during a given period by selling goods and services.
Profit The amount of money a business earns above and beyond what it spends for salaries and other expenses.
Loss Occurs when a business’s expenses are more than its revenues.
Risk The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
Standard of Living The amount of goods and services people can buy with the money they have.
Quality of Life The general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure and rewards that add to personal satisfaction.
Stakeholders All the people who stand to gain or lose by the policies and activities of a business and whose concerns the businesses need to address.
Empowerment Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
Sole Proprietorship A business owned, and usually managed, by one person.
Partnership Two or more people legally agree to become co-owners of a business.
Corporation A legal entity with authority to act and have liability apart from its owners.
Business environment the surrounding factors that either help or hinder the development of businesses.
Factors of production the resources used to create wealth:Land(natural resources), labour, Capital(other than money), Knowledge & Entrepreneurship
Technology Everything from phones and copiers to computers, medical im-aging devices, personal digital assistants, and various software programs that make business processes more efficient and productive.
EFFECTIVENESS means producing the desired result.
EFFICIENCY means producing goods and services using the least amount of re-sources.
PRODUCTIVITY the amount of output you generate given the amount of input (such as hours worked).
DEMOGRAPHY The statistical study of the hu-man population in regard to its size, density, and other characteristics, such as age, race, gender, and income.
FRANCHISE AGREEMENT An arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory.
FRANCHISOR A company that develops a product concept and sells others the rights to make and sell the product.
FRANCHISEE The personl business who buys a franchise.
Created by: coolprof
 

 



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