Bus 101 Ch. 1-6 Exam Solution.

Business - Provide goods & services w/ profit Goods - Materialist products Service - Intangible products Entrepreneur - Risk time & money to start and manage business Revenue - Total $ taken in Profit - Total $ taken in after expenses Loss - Expenses Revenue Risk - Chance that MIGHT not be profitable Standard of Living - Amount of goods and services money can buy Quality of Life - General well-being of individuals Stakeholders - People who affected by businesses Outsourcing - Contract of exterior companies Nonprofit Organization - Not personal gain and uses their profits for social goals Factors of Production - 1. Land 2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge Business Environment - 1. Economic & Legal 2. Tech 3. Competition 4. Social 5. Global Productivity - Input -- output Efficiency - Less input -- same output Effectiveness - Getting the desire output E-Commerce - Trading online Database - Electronic storage file for information Identity Theft - Stolen personal information Empowerment - Giving enough authority for employee to acts freely and effectively Demography - Study of different characteristic of human population Globalization - Trading world wide Climate Change - Climate Change Greening - Trending of energy efficiency and environmental friendly Economics - how society chooses to use resources to produce goods and service and then divide them. Macroeconomics - Look at economics of a nation as a whole Microeconomics - Look at a specific economic market Resource Development - study of how to increase resources amount and value Invisible Hand - Self interest turn into social gains Capitalism - Economic system where major factors are privately own State Capitalism - Combination of freer market and some government control Free Market - The decision of how much supply in relation to demand of the market Supply - Quantity of products that are made Demand - Quantity of products that people are willing to buy Market Price - Where supply and demand meet Perfect Competition - Competition where everyone is on equal ground Monopolistic Competition - Competition where everyone make the same products Oligopoly - Competition where a few individual dominate the market Monopoly - Competition where a single individual dominate the market Socialism - Some basic business are own by government and the profit are evenly distribute