Travis Johnson
BUS101 Section1001
VOCAB 1&2
Chapter 1
1. Business
An organization where goods and services are exchanged for one another or for money.
2. Business environment
The combination of internal and external factors that influence a company's operating situation.
3. Climate change
Any transistion of the general economic environment comprising of the attitude of the government and lending institutions toward businesses and business activity, attitude of labor unions toward employers, current taxation regimen, inflation rate, etc...
4. Database
Systematically organized or structured repository of indexed information that allows easy retrieval, updating, analysis, and output of data.
5. Demography
Study of both quantitative and qualitative aspects of human population. Quantitative aspects include composition, density, distribution, growth, movement, size, and structure of the population. Qualitative aspects are the sociological factors such as education quality, crime, development, diet and nutrition, race, social class, wealth, well being.
6. E-commerce
Business conducted through the use of computers, telephones, fax machines, barcode readers, credit cards, automated teller machines (ATM) or other electronic appliances (whether or not using the internet) without the exchange of paper-based documents. It includes activities such as procurement, order entry, transaction processing, payment, authentication and non-repudiation, inventory control, order fulfillment, and customer support.
7. Empowerment
A management practice of sharing information, rewards, and power with employees so that they can take initiative and make decisions to solve problems and improve service and performance.
8. Entrepreneur
Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.
9. Factors of production
Resources required for generation of goods or services, generally classified into four major groups:
Land (including all natural resources), Labor (including all human resources), Capital (including all man-made resources), and Enterprise (which brings all the previous resources together for production).
10. Goods
A commodity, or a physical, tangible item that satisfies some human want or need, or something that people find useful or desirable and make an effort to acquire it.
11. Greening
The process of becoming more aware, or of increasing others ' awareness, of the environment and environmental issues.
12. Identity theft
Obtaining a person's personal and financial information through criminal means. A thief uses this information for illegal purposes, such as to make purchases using the victim's name. Thieves can find information through discarded credit card or bank statements that are not destroyed, and can find the information online in customer databases.
13. Loss
Unrecoverable and usually unanticipated and non-recurring removal of, or decrease in, an asset or resource.
14. Nonprofit organization
An incorporated organization which exists for educational or charitable reasons, and from which its shareholders or trustees do not benefit financially.
15. Outsourcing
Work done for a company by people other than the company's full-time employees.
16. Productivity
The amount of output per unit of input (labor, equipment, and capital). There are many different ways of measuring productivity. For example, in a factory productivity might be measured based on the number of hours it takes to produce a good, while in the service sector productivity might be measured based on the revenue generated by an employee divided by his/her salary.
17. Profit
The positive gain from an investment or business operation after subtracting for all expenses.
18. Quality of life
The general well-being of individuals and societies to include not only wealth and employment but also the environment, physical and mental
