Chapter 1 Terms Part 1 (1)
Tangible products such as computers, food, clothing, cars, and appliances, etc …
Goods
An activity or organization that seeks to provide goods and services to others while operating at a profit.
Business
An organization whose goals do not include making a personal profit for its owners or organizers.
Non-profit organization
The surrounding factors that either help or hinder the development of businesses.
The Business environment
The buying and selling of goods and services over the internet.
E-commerce
Intangible products such as education, health care, insurance, recreation, travel, etc"?
Services
Occurs when a business's expenses are more than its revenues.
Loss
All the people who stand to gain or lose by the policies and activities of a business.
Stakeholders
Restrictions that provincial and federal laws place on businesses with respect to the conduct of their activities.
Regulations
Any information system or application that empowers business processes.
E-business
A person who risks time and money to start and manage a business.
Entrepreneur
The chance of loss, degree of probability of loss, and the amount of possible loss.
Risk
The assigning of various functions such as accounting, production, security, maintenance, and legal work to outside organizations.
Outsourcing
Inventions or innovations from applied science or engineering research.
Technology
Obtaining personal information about a person and using that information for illegal purposes.
Identity Theft
The amount of money a business earns above and beyond what they pay in salaries and manufacturing expenses.
Profit
The amount of goods and services people can buy with the money they have.
Standard of Living
The sourcing of part of the purchased inputs outside the country.
Offshoring
The amount of output that is generated given the amount of input.
Productivity
Giving front-line workers the responsibility, authority, and freedom to respond quickly to customer requests.
Empowerment
The total amount of money that is received during a given period for goods sold, services rendered, and other financial profits.
Revenue
The general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, leisure time and rewards that add joy and satisfaction.
Quality of Life
The 6 factors of the business environment
Legal/Regulatory, Economic, Competitive, Social, Technological and Global
The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender and income.
Demography
The trend toward saving energy and producing products that cause less harm to the environment.
Greening