CHAPTER 1 24 cards

Tagged as: accounting, business, fitness, software, computer science, finance, education, medical, medicine, nursing, travel

 copy deck Copy deck

1

BUSINESS

any activity that seeks to provide goods and services to others while operating at a profit

2

BUSINESS ENVIRONMENT

the surrounding factors that either help or hinder the development of businesses

3

CLIMATE CHANGE

the movement of the temperature of the planet up or down over time

4

DATABASE

an electronic storage file for information

5

DEMOGRAPHY

the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income

6

E-COMMERCE

the buying and selling of goods over the Internet

7

EMPOWERMENT

giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests

8

ENTREPRENEUR

a person who risks time and money to start and manage a business

9

FACTORS OF PRODUCTION

the resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge

10

GOODS

tangible products such as computers, food, clothing, cars, and appliances

11

GREENING

the trend toward saving energy and producing products that cause less harm to the environment

12

IDENTITY THEFT

the obtaining of individuals' personal information, such as Social Security and credit card numbers, for illegal purposes

13

LOSS

when a business's expenses are more than its revenues

14

NONPROFIT ORGANIZATION

an organization whose goals do not include making a personal profit for its owners or organizers

15

OUTSOURCING

contracting with other companies (often in other countries) to do some or all of the functions of a firm, like it's production or accounting tasks

16

PRODUCTIVITY

the amount of output you generate given the amount of input (e.g., hours worked)

17

PROFIT

the amount of money a business earns about and beyond what is spends for salaries and other expenses

18

QUALITY OF LIFE

the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide

19

REVENUE

the value of what is received for good sold, services rendered, and other financial sources

20

RISK

the chance of loss, the degree of probability of loss, and the amount of possible loss

21

SERVICES

intangible products (i.e., products that can't be held in your hand) such as education, health care, insurance, recreation, and travel and tourism

22

STAKEHOLDERS

all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address

23

STANDARD OF LIVING

the amount of goods and services people can buy with the money they have

24

TECHNOLOGY

everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more effective, efficient, and productive