Introduction to International Business

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Introduction to International Business

By | October 2013
Page 1 of 44
Introduction to International Business

Chapter 1

BusinessAny activity that seeks to provide goods and services to others while operating at a profit. ProfitThe amount of money a business earns above and beyond what it spends for salaries and other expenses. EntrepreneurA person who risks time and money to start and manage a business. RevenueThe total amount of money a business takes in during a given period by selling goods and services LossWhen a business’s expenses are more than its revenues. RiskThe chance an entrepreneur takes of losing time and money on a business that may not prove profitable Standard of livingThe amount of goods and services people can buy with the money they have. Quality of lifeThe 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. StakeholdersAll the people who stand to gain or lose by the policies and activities of a business. Nonprofit organizationAn organization whose goals do not include making a personal profit for its owners or organizers. Factors of productionThe resources used to create wealth: land (or natural resources), labor (workers), capital (machines, tools buildings etc., not money), entrepreneurship, knowledge Business environmentThe 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. TechnologyEverything 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. EfficiencyProducing items using the least amount of resources. ProductivityThe amount of output you generate given the amount of input (e.g. hours worked). E-commerceThe buying and selling of goods...

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