1.1
an organization that is formed to make money, or profits, by selling goods or services.
For Profit Organizatoin
refers to society’s general well-being as measured by standard of living, health care, educational opportunities, freedom, happiness, and environmental health.
Quality of Life
the possibility that the owner or owners of a business may invest time and money into the enterprise and fail.
Risk
using the internet to facilitate every aspect of a running business.
E Business
is a person with an interest or concern in something, especially a business.
Stakeholder
the part of the economy that isn’t controlled by the government.
Private Sector
4 Ways How Do Businesses Support Community Interests?
Donations, Taxes, Paychecks, and Producing Goods and Services.
The goal of entrepreneurship is to _______ , ________, or ________ a segment of a market that is undeserved.
Capture
Meet
Improve
refers to factors that allow a company to produce goods or services better or more cheaply than its rivals.
Competitive Advantage
are the people or companies that pay to use an organization's goods or services.
Customers
total amount of money that the selling of goods or services produced during a defined period of time.
Revenue
The government uses these taxes to fund public programs such as:
Police, Schools
the personnel of a business or organization, especially when regarded as a significant asset.
Human Resources
refers to the movement of the world economy to a more interdependent system.
Globalization
firms with high turnover and low productivity; drive employees away.
Toxic Organization
Formula to calculate profit
Revenue-Expenses= Profit
What is a benefit a job provides:
Health Insurance, Retirement Plan, Salaries
Wealth in the form of other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
Capital
Give me an example of an economic force
are a key stakeholder as they prove labor, create the culture, and provide the service that ultimately makes a business succeed or fail.
Employees
Year 1 Revenue-250,000
Year 2 Revenue- 300,000
Year 1 Expenses- 225,000
Year 2 Expenses- 305,000
Year 1 = 25,000
Year 2 = -5,000
Total 20,000 Profit
PetSmart withholds taxes from their employees paychecks and pays all the required local, state and federal taxes
Paying taxes to support government spending
Name the 5 Factors of Production
Natural Resources
Human Resources
Capital
Knowledge
Entrepreneurship
4 Forces Affect the Business Environment?
Competitive
Global
Technological
Economic
What is the correct way products are made?
Supplier, Manufacturer, Distributor, Retailer