INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS
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business
An organization or activity that provides goods and services in an effort to earn a profit.
profit
The money that a business earns in sales (or revenue), minus expenses, such as the
cost of goods and the cost of salaries.
nonprofits
Organization that has primary objectives such as public service rather than returning
profits to owners.
factors of production
four basic inputs for effective operation: natural resources, capital, human resources,
and entrpreneurship
natural resources - land
all production inputs that are useful in their natural states, including agricultural land,
building sites, forests, and mineral deposits
capital
production inputs consisting of technology, tools, information, and physical facilities
human resources - labor
production inputs consisting of anyone who works, including both the physical labor and
the intellectual inputs contributed by workers
entrepreneurs
People who risk their time, money and other resources to create and operate a
business.
loss
When a business incurs expenses that are greater than its revenue
business environment
the setting in which business operates
business technology
any tools that businesses can use to become more efficient and effective
demographics
the measurable characteristics of a population
free trade
an international economic and political movement designed to help goods and services
flow more easily across international boundaries
economic environment
governments take active steps to reduce the risks of business; affected by corruption
and ethical lapses
competitive environment
companies build relationships with customers; speed-to-market is key
technological environment
the impact of technology has transformed business
social environment
covers shared values, attitudes, customs, beliefs, and demographics
global environment
AND ASWERS A+ GRADED. Buy Quality Materials!
business
An organization or activity that provides goods and services in an effort to earn a profit.
profit
The money that a business earns in sales (or revenue), minus expenses, such as the
cost of goods and the cost of salaries.
nonprofits
Organization that has primary objectives such as public service rather than returning
profits to owners.
factors of production
four basic inputs for effective operation: natural resources, capital, human resources,
and entrpreneurship
natural resources - land
all production inputs that are useful in their natural states, including agricultural land,
building sites, forests, and mineral deposits
capital
production inputs consisting of technology, tools, information, and physical facilities
human resources - labor
production inputs consisting of anyone who works, including both the physical labor and
the intellectual inputs contributed by workers
entrepreneurs
People who risk their time, money and other resources to create and operate a
business.
loss
When a business incurs expenses that are greater than its revenue
business environment
the setting in which business operates
business technology
any tools that businesses can use to become more efficient and effective
demographics
the measurable characteristics of a population
free trade
an international economic and political movement designed to help goods and services
flow more easily across international boundaries
economic environment
governments take active steps to reduce the risks of business; affected by corruption
and ethical lapses
competitive environment
companies build relationships with customers; speed-to-market is key
technological environment
the impact of technology has transformed business
social environment
covers shared values, attitudes, customs, beliefs, and demographics
global environment
