BUSN 110 Study Guide - Midterm Guide: General Agreement On Tariffs And Trade, Business Standard
Document Summary
Profit- the money that a business earns in sales or revenue, minus expenses, such as the cost of goods, and the cost of salaries. Loss-when a business incurs expenses that are greater than its revenue. Entrepreneurs- people who risk their time, money, and other resources to start and manage a business. Standard of living- the quality and quantity of goods and services available to a population. Quality of life- the overall sense of well-being experienced by either an individual or a group. Nonprofits- business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain. Factors of production- four fundamental elements-natural resources, capital, human resources, and entrepreneurship- that businesses need to achieve their objectives. Business environment- the setting in which business operates. The five key components include: economic, competitive, technological, social, and global environments. Speed-to-market- the rate at which a new product moves from conception to commercialization.
