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BUS 101 Ch 1
| Term | Definition |
|---|---|
| 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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