bus1e vobIII
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Created by:
jacklati427563 on August 5, 2011
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35 terms
Terms | Definitions |
|---|---|
 Bankruptcy | The legal process by which an individual or business unable to meet financial obligations can seek court protection under these laws and can be relieved of those debts by a court |
| Business | Is a person, partnership, or corporation that seeks to provide goods and services to others at a profit |
| Goods | Tangible products, such as cameras, food, computers, clothing, an cars |
| Services | Intangible products such as education, insurance, and travel |
| Entrepreneur | A person who risks time and money to start and manage business |
| Return on Investment (ROI) | The money gained from taking on a business risk |
| Revenue | The total amount of money a business takes in during a given period as a result of selling its goods or service |
| Expenses | The costs of purchasing the goods and service that are needed to operate a business |
| Profit | The amount of money a business earns above and beyond what is spends for goods, services, salaries, and other expenses |
| Loss | When a business's expenses are more than its revenues |
| Risk | The chance an individual or organization takes of losing time and money on a business that may not prove profitabe |
| Outsourcing | Assigning various function, such as accounting, production, security, maintenance, and legal work, to outside organizations |
| Small and medium-sized enterpises | Small enterprises employ 50 or fewer people and are managed by their owners on a day-to-day basis, and medium-sized enterprises have 51 to 500 employees |
| For-profit organizations | Organizations that are motivated to earn profits |
| Nonprofit orgaizations | Organizations that are not driven to garner profit |
| Stakeholders | Any people or organizations who stand to gain or lose from the activities of a business |
| Contract | A legally enforceable agreement between two or more parties |
| Database | An electronic storage file for information |
| Tradeable Currency | One country's money that is allowed to be exchanged for another country's money |
| Capitalist system | A system in which cmpanies and businesses are are owned by citizens instead of the government |
| Effectiveness | Producing the desired results |
| Efficieny | Producing goods using the least amount of resources |
| Resource | An input used to produce a good |
| Productivity | The amount of output generated given a particular amount of an input |
| E-commerce | The buying and selling of goods over the internet |
| Business-to-consumer | A business that produces products to sell directly to the consumer |
| Busines-to-busniess | A business that produces products to sell to another business |
| Value | Good quality at a fair price |
| Empowerment | Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests |
| Diversity | Board differences among a group of people, including their ethnicity, sex, color, sexual orientation, body size, age and so on |
| Demographics | Statistics about the human population with regard to its size, density, and other characteristics |
| Free Trade | The movement of goods and services among nations without political or economics barriers |
| Globalization | The worldwide integration of government policies, cultures, social movement, and finanical markets through trade and exchange of ideas |
| Factor of production | The resources used to create wealth: land, labor, capital, entrepreneurship,and knowledge |
| Standard of living | The amount of goods and services people can buy with the money they have |
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