CHP 1. Taking risks and making profits within the dynamic business environment

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5 Terms

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Standard of living

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

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Quality of life

General, well-being of society(political, freedom, natural environment, education, healthcare, safety, leisure, and satisfaction, joy, goods, and services able to be provided)

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Stakeholders of a business

people who gained or lose from business activity (stockholders, customers, surrounding community, environmentalists, realtors, employees, government, leaders, suppliers, media and bankers)

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Factors of production

-land(natural resources)

-Labor(workers)

-Capital(machines, tools, buildings, factors of production)

-entrepreneurship

-Knowledge

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Competitive environment

-competing by exceeding customer expectations

-competing by restructuring in empowerment