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Related Flashcards
Related Topics
Cards In This Set
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Value
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The relationship between the price of a good or a service and the benefits that it offers its customers.
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Business
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Any activity that provides goods and services in an effort to earn a profit.
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Profit
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Revenue - Expenses = Profit (or loss). The Money that a business earns in sales (or revenue), minus expenses, such as the cost of goods or salaries.
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Loss
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When a business incurs expenses that are greater than its revenue.
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Entrepreneurs
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People who risk their time, money, and other resources to start and manage a business.
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Standard of Living
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The quality and quantity of goods and services available to a population.
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Quality of Life
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The overall sense of well being experienced by either an individual or a group.
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Nonprofits
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Business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain.
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Factors of Production
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Land, Labor, Capital, Entrepreneurship, and Knowledge.
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Business Environment
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The setting in which business operates. The five key components are: economic environment, competitive environment, technological environment, social environment, and global environment.
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Speed-to-Market
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The rate at which a new product moves from conception to commercialization.
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Business Technology
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Any tools-especially computers, telecommunications, and other digital products-that businesses can use to become more efficient and effective.
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World Wide Web
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The service that allows computer users to easily access and share information on the Internet in the form of text, graphics, video, and animation.
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E-Commerce
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Business transactions conducted online, typically via the Internet.
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Demographics
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The measurable characteristics of a population. Demographic factors include population size, and density and specific traits such as age, gender, and race.
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