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bus1e vobIII

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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