Types of Business
A person who risks time and money to start and manage a business.
Entrepreneur
Tangible products such as computers, food, clothing, cars, and appliances.
Goods
The amount of output you generate given the amount of input, such as the number of hours you work.
Productivity
___ or other natural resources are used to make homes, cars, and other products.
Land
An organization whose goals do not include making a personal profit for its owners or organizers.
Non-Profit
Intangible products such as education or health care insurance. Products that can't be held in your hand.
Services
The buying and selling of goods online.
E-commerce
People have always been an important resource in producing goods and services. Many are now being replaced by technology.
Labor
An unincorporated business with one owner. There is no legal separation between the company and the owner, who receives all profits but is liable for all debts and losses.
Sole Proprietor
The total amount of money a business takes in during a given period by selling goods and services.
Revenue
Refers to the amount of goods and services people can buy with the money they have
Standard of Living
Includes machines, tolls, buildings, or whatever else is used in the production of goods.
Capital
A formal arrangement by two or more parties to manage and operate a business and share its profits.
Partnership
The amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation.
Profit
the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
Quality of Life
All the resources in the world have little value unless these people are willing to take the risk of starting businesses to use those resources.
Entrepreneurship
A legal entity with limited liability that is separate and distinct from its owners. Its shareholders profit through dividends and stock appreciation, but they are not personally liable for the company's debts.
Corporation
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 and hose concerns the business needs to address.
Stakeholders
Information technology has revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services.
Knowledge