Intro to bus ch.1

profit and loss

Profit/ Loss = Total Revenue - Total Cost

standard of living

refers to the amount of goods and services people can buy with the money they have.

quality of life

refers to the general well-being of a society in terms of political freedom, a clean natural environment, education, health care, free time, and everything else that leads to satisfaction and joy.

service economy

where the majority of people earn their living by providing a service rather than manufacturing a product

goods and services

•Goods -Tangible Products •Services -Intangible Products Sometimes we have a mix of both.

stakeholder

are all the people who stand to gain or lose by the policies and activities of a business.

Baby Boomers (1946-1964)

born between 1946 and 1964)

manufacturing economy

economy in which a large portion of employees are engaged in work that is aimed at producing manufactured products

factors of production

entrepreneurship and knowledge

Entrepreneurs

people who risk their time, money, and other resources to start and manage a business

demography

the statistical study of the human population in regard to its size, density, and other characteristics, such as age, race, gender, and income.