BUS 2000 Week 1

Business

Successfully filling a market need menas you could make money for yourself.

Entrepreneur

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

Revenue

Total amount of money a business takes in during a given period by selling goods and services.

Profit

Amount of money a business earns above and beyond what it spends for salaries and other expenses.

Loss

When a business expense’s are more than its revenues.

Risk

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

Standard of Living

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

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 satisfication and joy that other goods and services provide.

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.

Outsourcing

Contracting with other companies (often in other countries) to do some functions of a firm, like production or accounting.

Nonprofit Organization

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

Insourcing

Many foreign companies are opening design and production facilities in the United States, called insourcing

The Five Factors of Production

The five resources used to create wealth:

1. Land (or natural recourses)

2. Labor (workers)

3. Capital

4. Entrepreneurship

5. Knowledge

Business Environment

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

Five Elements:

1. Economic and legal environment

2. Technological environment

3. Competitive environment

4. Social environment

5. Global business environment

Technology

From phones to computers, mobile devices, medical imaging machines, robots, the internet, artificial intelligence, social media, and the various software programs and apps that make business processes more effective, efficient, and productive.

Productivity

The amount of output you generate given the amount of input (for example, hours worked).

Circular Economy

Keeping products in the value circle.

E-Commerce

The buying and selling of goods online.

Business-to-consumer (B2C)

Business-to-business (B2B)

Database

An electronic storage file for information.

Identity theft

The obtaining of individuals’ personal information, such as Social Security and Credit Card numbers, for illegal purposes.

Empowerment

Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to costumers requests.

Demography

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

Climate Change

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

Greening

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