Download Business Terms: Standard of Living, Quality of Life, Factors, and Environment and more Quizzes Introduction to Business Management in PDF only on Docsity!
Standard Of Living
The quality and quantity of goods and services available to a population TERM 2
Quality of Life
DEFINITION 2 The overall sense of well being experienced by either an individual or a group TERM 3
American business into 5 eras
DEFINITION 3
- Industrial Revolution- mid 1700-mid 1800 factories, semi- skilled workers 2. Entrepreneurship- 1800's 3. Production Era- early 1900's specialized jobs, FORD 4. Marketing TERM 4
Non-profit
DEFINITION 4 Business like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial TERM 5
Factors of production
DEFINITION 5 four fundamental elements 1. Natural resources-land, freshwater 2. capital- machines, tools, technology 3. human resources- everyone who works within an economy, manual la
Business environment
The setting in which business operates, the 5 key components are 1. economic environment 2. competitive environment, 3. Technological environment 4. social environment 5global environment TERM 7
Value
DEFINITION 7 The relationship between the price of a good or a service and the benefits that it offers its customers TERM 8
speed-to-market
DEFINITION 8 the rate at which a new product moves from conception to commercialization. TERM 9
business technology
DEFINITION 9 any tools- especially computers, telecommunications and other digital products-that businesses can use to become more efficient and effective TERM 10
demographics
DEFINITION 10 the measurable characteristics of a population. demographic factors include age, gender and race
