UAB BUS 102 - Test 1 Study Guide - Chapters 1-5 (Elizabeth Turnbull) Qu
tions And Answers Graded A+
Study online at https://quizlet.com/_h66rbs
1. Value the relationship between the price of a good or service and the benefits that it
offers its customers
2. Business any organization or activity that provides goods and services in an effort to earn a
profit
3. Profit the money that a business earns in sales or revenue, minus expenses, such as the
cost of goods, and the cost of salaries. Revenue - Expenses = Profit (or Loss)
4. Loss when a business incurs expenses that are greater than its revenue
5. Entrepreneurs people who risk their time, money, and other resources to start and manage a
business
6. Standard of Liv- the quality and quantity of goods and services available to a population
ing
7. Quality of Life The overall sense of well-being experienced by either an individual or a group
8. Nonprofits business-like establishments that employ people and produce goods and services
with the fundamental goal of contributing to the community rather than gener-
ating financial gain
9. Factors of Pro- Four fundamental elements - natural resources, capital, human resources, and
duction entrepreneurship - that businesses need to achieve their objectives
10. Business Envi- the setting in which a business operates. 5 key environments: economic, compet-
ronment itive, technological, social, and global
11. Business Tech- any tools - especially computers, telecommunications and other digital products
nology - that businesses can use to become more efficient and effective
12. E-commerce business transactions conducted online, typically via the internet
, UAB BUS 102 - Test 1 Study Guide - Chapters 1-5 (Elizabeth Turnbull) Qu
tions And Answers Graded A+
Study online at https://quizlet.com/_h66rbs
13. Demographics the measurable characteristics of a population. Demographic factors: population
size and density, age, gender, race, education, and income
14. Discuss the role Successful businesses create wealth, which increases the standard of living for
of business in the virtually all members of society.
economy
15. Explain the evo- The 5 distinct eras of United States businesses: industrial revolution, entrepre-
lution of modern neurship era, production era, marketing era, and relationship era
business
16. The Industrial From the mid 1700s to the mid-1800s, technology field a period of rapid in-
Revolution dustrialization. Factory spring up and cities, leading to mass production and
specialization of labor.
17. The Entrepre- During the second half of the 1800s, large-scale entrepreneurs emerged, build-
neurship Era ing business empires that created enormous wealth, but often at the expense of
workers and consumers.
18. The Production In the early 1900s, major businesses focused on further refining the production
Era process, creating huge efficiencies. The assembly line, introduced in 1913, boost-
ed productivity and lowered cost.
19. The Marketing After World War II, consumers began to gain power. As goods and services
Era flooded the market, the marketing concept emerged: a consumer-first orientation
as a guide to business decision making.
20. The Relationship With the technology boom in the 1900s, businesses began to look beyond the
Era immediate transaction, aiming to build a competitive edge through long-term
customer relationships.
21. Discuss the role Nonprofit organizations often work hand-in-hand with business to improve the
of nonprofit or- quality of life in our society. Nonprofits our business like establishments that
tions And Answers Graded A+
Study online at https://quizlet.com/_h66rbs
1. Value the relationship between the price of a good or service and the benefits that it
offers its customers
2. Business any organization or activity that provides goods and services in an effort to earn a
profit
3. Profit the money that a business earns in sales or revenue, minus expenses, such as the
cost of goods, and the cost of salaries. Revenue - Expenses = Profit (or Loss)
4. Loss when a business incurs expenses that are greater than its revenue
5. Entrepreneurs people who risk their time, money, and other resources to start and manage a
business
6. Standard of Liv- the quality and quantity of goods and services available to a population
ing
7. Quality of Life The overall sense of well-being experienced by either an individual or a group
8. Nonprofits business-like establishments that employ people and produce goods and services
with the fundamental goal of contributing to the community rather than gener-
ating financial gain
9. Factors of Pro- Four fundamental elements - natural resources, capital, human resources, and
duction entrepreneurship - that businesses need to achieve their objectives
10. Business Envi- the setting in which a business operates. 5 key environments: economic, compet-
ronment itive, technological, social, and global
11. Business Tech- any tools - especially computers, telecommunications and other digital products
nology - that businesses can use to become more efficient and effective
12. E-commerce business transactions conducted online, typically via the internet
, UAB BUS 102 - Test 1 Study Guide - Chapters 1-5 (Elizabeth Turnbull) Qu
tions And Answers Graded A+
Study online at https://quizlet.com/_h66rbs
13. Demographics the measurable characteristics of a population. Demographic factors: population
size and density, age, gender, race, education, and income
14. Discuss the role Successful businesses create wealth, which increases the standard of living for
of business in the virtually all members of society.
economy
15. Explain the evo- The 5 distinct eras of United States businesses: industrial revolution, entrepre-
lution of modern neurship era, production era, marketing era, and relationship era
business
16. The Industrial From the mid 1700s to the mid-1800s, technology field a period of rapid in-
Revolution dustrialization. Factory spring up and cities, leading to mass production and
specialization of labor.
17. The Entrepre- During the second half of the 1800s, large-scale entrepreneurs emerged, build-
neurship Era ing business empires that created enormous wealth, but often at the expense of
workers and consumers.
18. The Production In the early 1900s, major businesses focused on further refining the production
Era process, creating huge efficiencies. The assembly line, introduced in 1913, boost-
ed productivity and lowered cost.
19. The Marketing After World War II, consumers began to gain power. As goods and services
Era flooded the market, the marketing concept emerged: a consumer-first orientation
as a guide to business decision making.
20. The Relationship With the technology boom in the 1900s, businesses began to look beyond the
Era immediate transaction, aiming to build a competitive edge through long-term
customer relationships.
21. Discuss the role Nonprofit organizations often work hand-in-hand with business to improve the
of nonprofit or- quality of life in our society. Nonprofits our business like establishments that
