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BUS 101 Ch 1

TermDefinition
Business All profit seeking activities which produce goods and services in order to provide a standard of living within an economic system
Sweat Equity Profit seeking activities
Event Horizon A watershed moment in time where one phase ends and cannot be returned to
Quality of Life The general well-being of a society
Co-Op To start a non-profit company consisting of individual producers/businesses where profits don't go towards the larger company, but rather to the dindividuals
How to generate profit? (Use cost/sales) Reduce cost and increase sales
Stake Holders Anyone involved in a company (Stock holders, investors, owners, employees/unions, community, media, ect)
Product Physical, tangible object
Service Nontangible (Idea)
Revenue Total amount of money a business takes in
Profit The amount o fmoney a business earns above and beyond its costs to run
True/False: Profit includes an entrepreneur's/owner's salary False
Loss When a business's profit is less than its cost
Risk Chance an entrepreneur takes on losing time, energy, money, resources, ect
Great risks= =Potential Great Rewards
Factors of Production 1) Land/Natural Resources 2) Labor 3) Capital 4) Entrepreneurship 5) Knowledge
Which is the most important factor of production? Knowledge
Outsource Giving the function to another company or country
Insource Do it yourself, maintaining control of critical production (Includes foreign companies working in the US)
What did Adam Smith believe to be vital to an economy's survival? Freedom
Who Wrote the Wealth of Nations? Adam Smith
What famous book did Adam Smith write? The Wealth of nations
What are the key ingredients towards universal wealth, according to Adam Smith? 1) Right to Private Property 2) Right to Create Profit 3) Minimal Government Intervention 4) Competitive Markets 5) Economic Freedom/Freedom of Choice
Passive Income Investments, Social Security
Active Income Entrepreneur, Employment
Evolution of Business Agriculture, Manufacturing, Service, Information based
Standard of Living The amount of goods/services people can buy with the money they have
What affectsproper tax rates (government regulations) What can affect Standard of Living?
Businesses What is a factor contributing to America's high standard of living?
Quality of Life General wellbeing of a society in terms of political freedoms, natural environment, education, health care, safety, leisure, and rewards
Took manufacturing jobs What happened to agricultural workers and farmers who couldn't compete with larger farms and businesses?
Efficiency Producing goods/services using the least amount of resources
Productivity Amount output generated by a given input
Effectiveness Producing the desired result
Entrepreneur Person who risks time/money to start and manage a business
Rise through company ranks (Become entrepreneur) What are the two ways to be successful in business?
True Businesses can't control their environment, but they can monitor and adapt
Types of Business Environments Economic/Legal Technological Competitive Social Global
Economic/Legal Business Environment Freedom of ownership, contract laws, tradable currency, reduction of corruption
Technological Business Environment Information technology used to communicate with consumer
Competitive Business Environment How many other businesses vying for same product/sales
Exceeding Customer Expectations (Restructure/Empower) What are two ways to generate success in the competitive business environment?
Empowerment Giving front line workers the skills and training needed to be responsive to consumers
Social Business Environment Diversity and Demography
(Age) (culture) (sexual orientation) (income) (race) (ethnicity) (Single Family) Factors of Social Business Environment
Global Business Environment War and terrorism, and the ecological environment
Greening Saving energy/producing products which cause less harm to the environment
Pre Relationship Era "If I build it, they're going to buy it"
Relationship Era Customer is king, companies needing to create long-term relationships and build loyalty with consumers
E-Commerce Business to Business Business to Consumer
B2C Business to Consumer
B2B Business to Business
Business to Business (B2B) Which type of e-commerce is most important?
Identity theft obtaining individual's personal information illegally
Service Since the mid 80's, what sector generated almost all employment increases?
Created by: Kittentms
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