BUSINESS 101
PERSON WHO USES THE PRODUCT.
WHO IS THE CONSUMER?
A BUSINESS'S ABILITY TO OUTPERFORM RIVALS IN THE SAME MARKET, LEADING TO GREATER MARKET SHARE AND HIGHER PROFITS.
WHAT IS COMPETITIVE ADVANTAGE?
A FACTOR THAT CHANGES IN TECHNOLOGY AND AFFECTS PRODUCTION, DISTRIBUTION, COMMUNICATION, OR INNOVATION.
WHAT IS TECHNOLOGICAL?
AN ORGANIZATION THAT EXISTS TO SERVE THE PUBLIC GOOD AND MUST REINVEST SURPLUS FUNDS
WHAT IS A NONPROFIT ORGANIZATION?
A NETWORK OF BUSINESSES, PEOPLE, ACTIVITIES, AND RESOURCES INVOLVED IN PRODUCING AND DELIVERING A PRODUCT OR SERVICE TO THE FINAL CUSTOMER.
WHAT IS SUPPLY CHAIN?
ORGANIZATION THAT PRODUCES AND SELLS GOODS OR SERVICES.
WHAT IS A BUSINESS?
A SITUATION IN WHICH QUANTITY SUPPLIED IS GREATER THAN QUANTITY DEMANDED AT A GIVEN PRICE.
WHAT IS SURPLUS?
WHAT IS ENVIRONMENTAL?
A STATEMENT THAT EXPLAINS WHAT A BUSINESS DOES, WHO IT SERVES, AND HOW IT CREATES VALUE.
WHAT IS A MISSION STATEMENT?
BASIC NATURAL RESOURCES USED TO CREATE PRODUCTS SUCH AS TIMBER, OIL, METALS, AND AGRICULTURAL GOODS.
WHAT IS RAW MATERIAL?
AN EARLY SIMPLE VERSION OF PRODUCT CREATED TO TEST AN IDEA AND GATHER FEEDBACK.
WHAT IS A PROTOTYPE?
THE PRICE AT WHICH QUANTITY DEMANDED EQUALS QUANTITY SUPPLIED, RESULTING IN NO SHORTAGE OR SURPLUS.
WHAT IS MARKET PRICE (EQUILIBRIUM PRICE)?
A FACTOR THAT INVOLVES CULTURAL TRENDS, DEMOGRAPHICS, AND SOCIETAL ATTITUDES THAT INFLUENCE CONSUMER BEHAVIOR.
WHAT IS SOCIAL?
A LONG TERM DECISION THAT SHAPES THE DIRECTION AND SUCCESS OF A BUSINESS.
WHAT IS A STRATEGIC DECISION?
A BUSINESS THAT SELLS FINISHED GOODS DIRECTLY TO CONSUMERS.
WHAT IS A RETAILER?
INDIVIDUALS OR GROUPS THAT ARE AFFECTED BY THE BUSINESS ACTIONS AND DECISIONS.
WHAT ARE STAKEHOLDERS?
OBSTACLES THAT MAKE IT DIFFICULT FOR NEW FIRMS TO ENTER A MARKET AND COMPETE WITH EXISTING FIRMS.
WHAT ARE BARRIERS TO ENTRY?
A FACTOR THAT PROVIDES LAWS AND REGULATIONS THAT BUSINESSES MUST FOLLOW.
WHAT IS LEGAL?
DEFINING BELIEFS AND PRINCIPLES THAT GUIDE A BUSINESS'S ACTIONS AND DECISIONS.
WHAT ARE CORE VALUES?
THE STOCK OF GOODS A BUSINESS KEEPS ON HAND TO SELL.
WHAT IS INVENTORY?
DAILY DOUBLE
GENERATING REVENUE AND PROFIT BY CHARGING FOR THE VALUE A BUSINESS CREATES.
WHAT IS VALUE CAPTURE?
THE PERCENTAGE OF TOTAL SALES IN A MARKET CONTROLLED BY A SPECIFIC FIRM.
WHAT IS MARKET SHARE?
THE USE OF TECHNOLOGY TO PERFORM TASKS WITH MINIMAL HUMAN LABOR.
WHAT IS AUTOMATION?
A BUSINESS THAT SEEKS TO EARN PROFIT WHILE ALSO ACHIEVEING SOCIAL OR ENVIRONMENTAL GOALS.
WHAT IS A SOCIAL ENTERPRISE?
A PRODUCTION PROCESS FOCUSED ON CUSTOMIZATION AND SKILLED LABOR, TYPICALLY RESULTING IN HIGHER PER-COST UNITS.
WHAT IS ARTISAN PRODUCTION?