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BusAD 101

Intro. to Business: Chapter 1

TermDefinition
Business Any activity that seeks to provide goods or services to others for a profit
Goods Anything that is tangible and movable
Services work that is done for someone else (Intangible property)
Revenue All money taken in (Income)
Profits a) Revenue less costs and expenses b) The reward for taking a risk
Loss Expenses exceed revenue
Risk The possibility of loss
Entrepreneur Someone that is willing to take the risk of starting a new business
Standard of Living How far your money will go
Quality of Life Feeling of general well being
Outsourcing Contracting out some business services
Factors of Production (Inputs) Land (Natural Resources), Labor ( Human Resources, Capital, Entrepreneurship, Knowledge
Private Enterprise Private Property, Profits, Competition, Freedom of choice
Capitalism The measure of everything is capital
Todays Challenges Changing technology , Competitive environment, Social environment, Global environment
Eras of Business Agricultural, Manufacturing, Services Industries, Information Age
Popular Business sets

 

 



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