Bus 101 Definitions
Business 101
Chapter 1- 1. Business- Any activity that seeks to provide goods and services to others while operating at a profit 2. Revenue- The total amount of money a business takes in during a given period by selling goods and services 3. Goods- Tangible products such as computers, food, clothing, cars, and appliances 4. Database- An electronic storage file where information is kept; one use of database is to store vast amounts of information about consumers 5. Standard of living- The amount of goods and services people can buy with the money they have 6. Demography- The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income 7. Stakeholders- All the people who stand to gain or lose by the policies and activities of a business 8. Profit- The amount of money a business rearns above and beyond what it spends for salaries and other expenses 9. Entrepreneur- A person who risks time and money to start and manage a business 10. Business environment- The surrounding factors that either help or hinder the development of business
Chapter 2- 1. Economics -- The study of how society employs resources to produce goods and services for consumption among various groups and individuals. 2. Macroeconomics -- Concentrates on the operation of a nation’s economy as a whole. 3. Microeconomics -- Concentrates on the behavior of people and organizations in markets for particular products or services. 4. Resource Development -- The study of how to increase resources and create conditions that will make better use of them. 5. Capitalism -- All or most of the land, factories and stores are owned by individuals, not the government, and operated for profit. 6. Socialism -- An economic system based on the premise that some basic businesses, like utilities, should be owned by the government in order to more evenly distribute profits
Chapter 1- 1. Business- Any activity that seeks to provide goods and services to others while operating at a profit 2. Revenue- The total amount of money a business takes in during a given period by selling goods and services 3. Goods- Tangible products such as computers, food, clothing, cars, and appliances 4. Database- An electronic storage file where information is kept; one use of database is to store vast amounts of information about consumers 5. Standard of living- The amount of goods and services people can buy with the money they have 6. Demography- The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income 7. Stakeholders- All the people who stand to gain or lose by the policies and activities of a business 8. Profit- The amount of money a business rearns above and beyond what it spends for salaries and other expenses 9. Entrepreneur- A person who risks time and money to start and manage a business 10. Business environment- The surrounding factors that either help or hinder the development of business
Chapter 2- 1. Economics -- The study of how society employs resources to produce goods and services for consumption among various groups and individuals. 2. Macroeconomics -- Concentrates on the operation of a nation’s economy as a whole. 3. Microeconomics -- Concentrates on the behavior of people and organizations in markets for particular products or services. 4. Resource Development -- The study of how to increase resources and create conditions that will make better use of them. 5. Capitalism -- All or most of the land, factories and stores are owned by individuals, not the government, and operated for profit. 6. Socialism -- An economic system based on the premise that some basic businesses, like utilities, should be owned by the government in order to more evenly distribute profits