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Definitions for various business terms and concepts, including standard of living, quality of life, factors of production, and business environment. It also discusses the impact of current business trends on career choices. Topics such as the industrial revolution, entrepreneurship, production era, marketing, non-profit, value, speed-to-market, business technology, demographics, free trade, and general agreement on tariffs and trade (gatt).
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The quality and quantity of goods and services available to a population TERM 2
DEFINITION 2 The overall sense of well being experienced by either an individual or a group TERM 3
DEFINITION 3
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
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
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
DEFINITION 7 The relationship between the price of a good or a service and the benefits that it offers its customers TERM 8
DEFINITION 8 the rate at which a new product moves from conception to commercialization. TERM 9
DEFINITION 9 any tools- especially computers, telecommunications and other digital products-that businesses can use to become more efficient and effective TERM 10
DEFINITION 10 the measurable characteristics of a population. demographic factors include age, gender and race