Key Terms
What is a good vs what is a service?
A good is a tangible product vs a service is an intangible product. (book vs education)
A nonprofit organization is one who does not seek _____ profit.
personal
What are the 5 factors of production?
Land, Labor, Capital, Entrepreneurship, Knowledge
_____ is the amount of money a business earns above what it spends.
Profit
What is an entrepreneur?
A person who risks time & money to start their own business.
Land, Labor, Capital, Entrepreneurship, & Knowledge are all ___________
factors of production.
Answers vary
_____ is the movement of temperature, up or down.
Climate change
Explain a loss:
When expenses are higher than the revenue
_______ is the buying & selling of goods online.
E-commerce
How does a business experience a loss?
When business expenses are higher than its revenue.
______ means contracting with other companies to do some duties within a firm.
Outsourcing
What is a stakeholder?
A person who stands to gain or lose by the policies & activities of a business.
Businesses have focused on _____ to gain a "competitive edge."
quality
What is productivity?
The amount of output you generate given the amount of input. (i.e. the hours you work)
____ is the total amount of $ a business takes in during a period by selling goods & services
Revenue
What is the standard of living?
The amount of goods & services people can buy with the money they have.
The chance an entrepreneur takes of losing time & money is called a ______
Risk
The business environment consists of which 5 factors?
1. Economic & legal
2. Technological
3. Competitive
4. Social
5. Global business
How does technology benefit workers?
It makes business processes more effective, efficient & productive