Stakeholders
All people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address
Risk
The chance an entrepreneur takes of losing time and money on a business that may not prove profitable
Goods
Tangible products such as computers, clothing, cars, food, appliances
Loss
When a business expenses are more than its revenues
Outsourcing
Contracting with other companies (often in other countries) to do some or all the functions of a firm, like its production or accounting tasks
Services
Intangible products (products that can't be held in your hand) such as education, travel, tourism, healthcare, insurance
Business
Any activity that seeks to provide goods and services to others while operating at a profit
Entrepreneur
A person who risks time and money to start and manage a business
Profit
The amount of money a business earns above and beyond what it spends for salaries and other expenses
Revenue
The total amount of money a business takes in during a given period by selling goods and services
Quality of Life
The general well-being of a society in terms of its political freedom, Natural Environment, Education, Healthcare, Safety, Amount of Leisure, Rewards that add-up to the satisfaction and joy that other goods and services provide
Standard of Living
The amount of goods and services people can buy with the money they have
Identity Theft
The obtaining of individuals personal information, such as social security and credit cards numbers, for illegal purposes
Database
An electronic storage file for information
E-commerce
The buying and selling of goods over the internet
Productivity
The amount of output you generate given the amount of input (e.g. hours worked)
Technology
Everything from phones, and copiers to computers, medical imagining devices, personal digital assistance, and the various software programs that make business processes more effective, efficient, and productive
Business Environment
The surrounding factors that either help or hinder the development of businessness
Empowerment
Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer request
Resource Development
The study of how to increase resources and to create the conditions that will make better use of those resources
Microeconomics
The part of economics study that looks at the behavior of people and organizations in particular markets
Climate Change
The movement of the temperature of the planet up or down overtime
Greening
The trend toward saving energy and producing products that cause less harm to the environment
Economic
The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and invidividuals
Macroeconomics
The part of economics study that looks at the operation of a nation's economy as a whole
Demography
The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income
Invisible Hand
A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all
Socialism
An economic system based on the premises that some, if not most, basic businesses should be owned by the government so that projects can be more evenly distributed among the people
Capitalism
An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit
Supply
The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time
Demand
The quantity of products that people are willing to buy at different prices at a specific time
Market Price
The price determined by supply and demand
Perfect Competition
The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product
Monopolistic Competition
The degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different
Oligopoly
A degree of competition in which just a few sellers dominate the market
Monopoly
A degree of competition in which only one seller controls the total supply of a product or service, and sets the price
Factors of Production
The resources used to create wealth; land, labor, capital, entreprenuership, and knowledge
Non-Profit Organizations
An organization whose goals do not include making a personal profit for its owners or organizers