Business Any activity that seeks to provide goods and services to others while operating at a profit.
Profit The amount of money a business earns above and beyond what it spends for salaries and other expenses.
Entrepreneur A person who risks time and money to start and manage a business.
Revenue The total amount of money a business takes in during a given period by selling goods and services
Loss When a business’s expenses are more than its revenues.
Risk The chance an entrepreneur takes of losing time and money on a business that may not prove profitable
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 political freedom, a clean natural environment, education, health care, safety, free time, and everything else that leads to satisfaction and joy.
Stakeholders All the people who stand to gain or lose by the policies and activities of a business.
Nonprofit organization An organization whose goals do not include making a personal profit for its owners or organizers.
Factors of production The resources used to create wealth: land (or natural resources), labor (workers), capital (machines, tools buildings etc., not money), entrepreneurship, knowledge
Business environment The surrounding factors that either help or hinder the development of businesses: The economic and legal environment, the technological environment, the competitive environment, the social environment, the global business environment.
Technology Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more efficient and productive.
Efficiency Producing items using the least amount of resources.
Productivity The amount of output you generate given the amount of input (e.g. hours worked).
E-commerce The buying and... [continues]
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