KEY TERMS
Using resources in a way that results in the greatest profit
What is Profit Motive?
What is Profit?
fans can pledge to donate money to produce movies/films
What is Crowdfunding?
Possibility of financial gain or loss or personal injury
What is a Risk?
System used to decide what is right and what is wrong
What are ethics?
Financing provided to start a business in exchange for ownership of part of the company
What is Venture Capital?
study of how goods and services are produced, distributed and consumed
What is economics?
Business's return in the form of a percentage of money invested
What is a Return on Investment (ROI)?
Storms, Hurricanes, and Weather Conditions are all examples of this type of risk
What are Natural Risks?
a voluntary adherence to honestly and morality (doing what is right when no one is watching)
What is integrity?
Preparation for an unexpected emergency
What is Contingency Planning?
What are resources?
A businesses assets and liabilities are included in this document
What is a balance sheet?
when chances of risk are predictable and the cost can be estimated
What are insurable risks?
What are principles?
Choosing between what is right and what would do if there were not consequences
What is an Ethical Dilemma?
Form, Time, Place, and Possession
What are the 4 types of economic utility?
A company's wealth in the form of money or property
What is Capital?
step by step process where knowledgable safety and security staff identify and prepare to manage risk
What is a risk assessment?
BONUS
THESE ARE THE 3 SUB CATEGORIES FOR RISKS
WHAT IS GAIN OR LOSS, CONTROLLABLE, AND INSURABLE RISKS?
the satisfaction consumer think they will receive from consumption of a particular product or service
What is economic utility?
Prediction of money to be earned and spent during a specific time
What is a Forecast?
When a business is legally responsible for damages and medical costs suffered by an injured person
What is liable?
THE THREE WAYS TO MANAGE RISKS
WHAT IS RISK AVOIDANCE, TRANSFER, AND RETENTION?