Business Dynamics Ch 1

revenue

total amount of money a business takes in during a period

profit

the amount of money a business earns above what it spends

loss

business expenses more than revenue

standard living

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

quality of life

general well being of society

stake holders

people who stand to gain or lose by the policies of the business

outsourcing

contracting with other companies to do some or all of the functions of a firm

nonprofit organization

goal does not include making profit for its owners

business environment

surrounding factors or hut the business

uniform commercial code

regulates business agreements

effectiveness

producing the desired result

efficiency

producing goods and services using the least amount of resources

productivity

amount of output you generate given the amount of input

e-commerce

buying and selling goods online

empowerment

giving front line workers power to make changes based on customers requests

demography

the study of human population

expenses

the money needed to operate a business