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Business 101 Exam 1 (Understanding Business chapter 1-3)

Goods
Products
Services
Intangible products
Business
Provides goods and services for a profit
Entrepreneur
Risks time and money to manage a business
Revenue
Money made for goods and services
Profit
Remaining a after expenses are paid
Loss
Expenses are more than its revenues
Risk
Chance an entrepreneur takes, not proven profitable
Standard of Living
Buying with the money they have.
Quality of Life
Rewards that add to personal satisfaction
Stakeholders
People who gain or lose by the activities of the business
Outsourcing
Contracting with companies to do firm work (accounting)
Insourcing
Foreign companies open businesses in the US
Nonprofit Organizations
Organization without making personal profit
Social entrepreneurs
Using knowledge of business to manage a nonprofit organization to address social issues
Economics
Study of how society employees resources to produce goods and services for consumption among various groups and individuals
Macroeconomics
Operation of the nations economy as a whole
Microeconomics
Concentrates on the behavior of people and organizations and markets for particular products or services
Resource development
Study of how increased resources and creates conditions that will make better use of them
Thomas Malthus
Wrote the “Dismal Science” rich had wealth poor had population resources will run out
Invisible hand
Social economic benefits for the whole community that’s people improve their own situation in life they help me through the products goods and services and ideas

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