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Any activity that seeks to provide goods and services to others while operating at a profit. |
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Tangible products such as computers, food, clothing, cars, and appliances. |
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| Intangible products (that can’t be held in your hand) such as, a parking space, education, health care, insurance, recreation, tax preparation, haircuts and travel. |
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| — A person who risks time and money to start and manage a business. (never forget an entrepreneur not only risks his or her money to launch the business…BUT…they risk time |
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| The total amount of money a business takes in during a given period by selling goods and services |
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•The amount of money a business earns above and beyond what it spends for salaries and other expenses. (This is a primary goal of every business) |
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| When a business’s expenses are more than its revenues it has incurred a loss. (While this often happens, it cannot go on indefinitely or the firm may go out of business) |
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•The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
•Not all enterprises make the same amount of profit.
•Businesses take risks, but with big risks could come big profits. |
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| The amount of goods and services people can buy with the money they have |
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•The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure time and facilities, and rewards that add to the satisfaction and joy that other goods and services provide. |
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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. |
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Contracting with other companies (often in other countries) to do some of the functions of a firm, like production or accounting. |
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| The 5 factors of Production |
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1.Land (or natural resources)
2.Labor (workers)
3.Capital
4.Entrepreneurship
5.Knowledge |
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The buying and selling of goods over the Internet.
Business-to-consumer (B2C)
Business-to-business (B2B)
Consumer-to-consumer (C2C) |
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| is a model of computer data storage in which the digital data is stored in logical pools. The physical storage spans multiple servers, and the physical environment is typically owned and managed by a hosting company |
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| An electronic storage file for information |
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The statistical study of the human population with regard toits size, density, and other characteristics such as age, race, gender, occupation, religion, and income. |
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