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WHS PoBF 5.03D

LAP EC 26

TermDefinition
Better Business Bureau (BBB) A consumer-action agency that collects and disseminates information on business reliability and alerts the public to potential fraud situations
Competition The rivalry between two or more businesses to attract scarce customer dollars
Cultural intelligence The knowledge, ability, and willingness to adjust your opinions and behaviors so that you value and are sensitive to people and ideas from other cultures
Culture The customs, habits, and traditions of a particular group of people
Demographics The physical and social characteristics of the population
Discretionary item A product that is wanted but not needed
Dynamic Changing
Economy The system in which people make and spend their incomes
Environmental scanning Collecting information about the environment surrounding your business
External environment Forces operating outside a business that affect its chances for success
Globalization The rapid and unimpeded flow of capital, labor, and ideas across national borders
Inflation A rapid rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up
Lobbying A practice in which a person or group attempts to influence lawmakers to pass or block certain legislation
Outsourcing Acquiring assistance from outside organizations/consultants to obtain goods or services to accomplish business objectives or perform primary business activities
Social responsibility The duty of business to contribute to the well-being of society
Taxes Monies that individuals or businesses must pay to the government
Technology Scientific applications to business objectives or the methods used to attain those objectives
Created by: VNelsonWHS
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