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Intro to Business Ch. 1
Terms in this set (27)
a person who risks time and money to start and manage a business
the chance an entrepreneur takes of losing time and money on a business
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 needs to address
contracting with other companies to do some or all of the function of a firm, like its production or accounting tasks
an organization whos egoals 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
an electronic storage file for information
giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests
what is a key factor for success in any business?
adapting to the market and taking risks
what is a primary challenge for organizations of the 21st century?
recognize and respond to the needs of their stakeholders
what is one method businesses use to stay competitive
what is the downside of outsourcing?
there are no job opportunities in the country where businesses are actually located
what are the benefits of working for others?
paid vacation, sick leave, health insurance
what are the benefits of being an entrepreneur?
make your own decisions, opportunity and possible wealth
what are the Factors of Labor?
land (natural resources), labor (workers), capital, entrepreneurship (risk) , knowledge
what government policies tend to favor business?
minimal spending and keeping taxes at a minimum
how can government promote entrepreneurship?
allowing private ownership of businesses, minimizing interference of exchange of goods and services
how can government lessen the risk of entrepreneurship?
passing laws that enable businesspeople to write enforceable contracts (uniform commercial code)
the capitalist system relies heavily on...
honesty, integrity, and high ethical standards
what is the problem with productivity today?
workers are so productive that fewer are needed, contributing to the high unemployment rate
how can technology benefit business?
e-commerce, customer feedback
what is a drawback from technology
the ability for anyone to commit identity theft
how can businesses beat competition?
listening to their customers and giving great service at a competitive price
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