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Entrepreneur
A person who risks time and money to start 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’s expenses 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, and leisure.
Stakeholders
All the people who stand to gain or lose by the policies and activities of a business.
Outsourcing
Contracting with other companies (often in other countries) to do some functions of a firm, like production or accounting.
Insourcing
When foreign companies open offices and factories in the United States.
Nonprofit organization
An organization whose goals do not include making a personal profit for its owners or organizers.
Factors of Production
The five resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge.
Economic Environment
The surrounding factors that either help or hinder the development of businesses.
Technological Environment
Everything from phones to computers and the various software programs that make business processes more effective.
E-commerce
The buying and selling of goods over the Internet.
Empowerment
Giving frontline workers the responsibility and authority to respond quickly to customer requests.
Demography
The statistical study of the human population regarding size, density, and characteristics such as age, race, and income.
Globalization
The process of businesses expanding to serve global markets.
Climate Change
The movement of the 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.
