Chapter 1 and 5

Chapter 1 and 5 - Mei Chen Section 3 Chapter 1 Managing...

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Mei Chen Section 3 Chapter 1 : Managing within the Dynamic Business Environment: Taking Risks and Making Profits Chapter 5 : Choosing a Form of Business Ownership 1-30-08 Business - any activity that seeks to provide goods and services to others while operating at a profit Business Environment - consists of the surrounding factors that either help or hinder the development of businesses elements: - economic and legal trade environment - technological environment - competitive environment - social environment - global business environment Database – an electronic storage file where information is kept Demography - the statistical study of the human population with regard to its size E-commerce – the buying and selling of goods over the internet Empowerment – to meet the needs of customers, firms must give their frontline workers the responsibility, authority, freedom, training and equipment they need to respond quickly to customer requests and to make other decisions essential to producing quality goods and providing good service Entrepreneur – a person who risks time and money to start and manage a business Factors of production – factors that contribute to wealth (land, labor, capital, entrepreneurship, knowledge) Goods – tangible products such as computers, food, clothing, cars and appliances Identity theft – obtaining of private information about a person, such as Social Security number and/or credit card number, and using that information for illegal purposes Loss – occurs when a business’s expenses are more than its revenues
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This note was uploaded on 04/27/2008 for the course BUS 115 taught by Professor Laskowski during the Spring '08 term at SUNY Stony Brook.

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Chapter 1 and 5 - Mei Chen Section 3 Chapter 1 Managing...

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