Dynamic Forces in Business: Chance and Income Inequality

Chance

Random events influencing wealth and business success.

Income Inequality

Disparity in wealth distribution among individuals.

Income Mobility

Ability to move up in income levels.

Gini Index

Measurement of income distribution disparities.

Wealth

Total assets owned minus liabilities owed.

American Dream

Belief that hard work leads to success.

Economic Connectedness

Influence of social relationships on economic outcomes.

Market Stakeholders

Directly affected parties in business operations.

Non-Market Stakeholders

Indirectly affected parties outside business transactions.

Environmental Analysis

Assessment of external factors impacting business.

Social Environment Screen

Cultural expectations shaping business practices.

Geophysical Environment Screen

Natural resource availability affecting business operations.

Tech Screen

Consideration of technology's impact on business.

Economic Screen

Macro-economic factors influencing individual businesses.

Political Environment Screen

Impact of political events on business operations.

Legal Environment Screen

Regulatory frameworks governing business conduct.

Competitor Screen

Analysis of rival businesses affecting market position.

Customer Screen

Adaptation to changing consumer preferences and behaviors.

Vertical Integration

Control over multiple production stages in supply chain.

Outsourcing

Contracting external parties for business functions.

Demand Pull Inflation

Increased demand leading to rising prices.

Cost Pull Inflation

Rising production costs driving up prices.

Inflation Expectation Feedback Loop

Cycle of wage demands and rising prices.

Anti-Trust Case

Legal action against monopolistic business practices.

Corporate Taxation

Tax obligations of businesses to government.

Government Transfers

Public services provided to citizens by government.

Cultural Shift

Change in societal values and norms over time.

FIFA World Cup

International soccer tournament with cultural implications.

Post-Natal Care

Support services for mothers after childbirth.