KeyTermsChapter1 - Key Terms – Chapter 1 business – any...

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Unformatted text preview: Key Terms – Chapter 1 business – any activity that seeks to provide goods and services to other while operating at a profit business environment – the surrounding factors that either help or hinder the development of business database – an electronic storage file where information is kept demography – the statistical study of the human population with regard to its size, density, age, race, gender, income, etc e-commerce – the buying and selling of goods over the internet empowerment – giving frontline workers responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests and to make other decisions entrepreneur – a person who risks time and money to become wealthy factors of production – 1. land or natural resources 2. labor (workers) 3. capital 4. entrepreneurship 5. knowledge goods – tangible product such as computers, food, clothing, cars, and appliances identity theft – the obtaining of private information about a person such as Social Security number and/...
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