Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

MEC-FBO1

Unit 1 - key terms

TermDefinition
business Any activity that seeks to provide goods and services to others for a profit
Goods Tangible products such as computers, food, clothing, cars and appliances.
Services Intangible products (that can’t be held in your hand) like education, healthcare, insurance, recreation and travel.
Entrepreneur A person who risks time and money to start and manage a business.
Revenue The total amount of money a business takes in during a given period by selling goods and services.
Profit The amount of money a business earns above and beyond what it spends for salaries and other expenses.
Loss Occurs when a business’s expenses are more than its revenues.
Risk The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
Standard of Living The amount of goods and services people can buy with the money they have.
Quality of Life The general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure and rewards that add to personal satisfaction.
Stakeholders All the people who stand to gain or lose by the policies and activities of a business and whose concerns the businesses need to address.
Empowerment Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
Sole Proprietorship A business owned, and usually managed, by one person.
Partnership Two or more people legally agree to become co-owners of a business.
Corporation A legal entity with authority to act and have liability apart from its owners.
Business environment the surrounding factors that either help or hinder the development of businesses.
Factors of production the resources used to create wealth:Land(natural resources), labour, Capital(other than money), Knowledge & Entrepreneurship
Technology Everything from phones and copiers to computers, medical im-aging devices, personal digital assistants, and various software programs that make business processes more efficient and productive.
EFFECTIVENESS means producing the desired result.
EFFICIENCY means producing goods and services using the least amount of re-sources.
PRODUCTIVITY the amount of output you generate given the amount of input (such as hours worked).
DEMOGRAPHY The statistical study of the hu-man population in regard to its size, density, and other characteristics, such as age, race, gender, and income.
FRANCHISE AGREEMENT An arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory.
FRANCHISOR A company that develops a product concept and sells others the rights to make and sell the product.
FRANCHISEE The personl business who buys a franchise.
Created by: coolprof
Popular Management sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards