Tangible products such as computers, food, clothing, cars, and appliances.
Intangible products such as education, health care, insurance, recreation, and travel and tourism.
Any activity that seeks to provide goods and services to others while operating at a profit.
A person who risks time and money to start and manage a business.
The total amount of money a business takes in during a given period by selling goods and services.
The amount of money a business earns above and beyond what is spends for salaries and other expenses.
When a business's expenses are more than its revenues.
The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
Standard of Living
The amount of goods and services people can buy with the money they have.
Quality of Life
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.
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business need to address.
Contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks.
An organization whose goals do not include making a personal profit for its owners or organizers.
Factors of Production
The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge.
The surrounding factors that either help or hinder the development of businesses.
Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more effective, efficient, ad productive.
The amount of output you generate given the amount of input (e.g., hours worked).
The buying and selling of goods over the internet.
An electronic storage file for information.
The obtaining of individuals' personal information, such as Social Security and credit card numbers, for illegal purposes.
Giving front line workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.
The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.
The movement of the temperature of the planet up or down over time.
The trend toward saving energy and producing products that cause less harm to the environment.