Introduction to Business Concepts

Business Concepts

What is a Business?

A business is an organization that strives for a profit by providing goods and services desired by its customers.

Goods

Tangible items manufactured by businesses.

Demographics

Baby Boomers

Baby boomers are people born during the demographic post-World War II baby boom, approximately between the years 1946 and 1964.

Generation X

Please provide information about Generation X.

Generation Y

Please provide information about Generation Y.

Economic Systems

Capitalism

Economic system based on competition in the marketplace and private ownership of the factors of production.

Communism

Economic system characterized by government ownership of virtually all resources, all markets, and economic decision-making by the central government.

Socialism

Government owns everything. Please provide more context and details about socialism.

Mixed Economies

The combination of capitalism and socialism/communism; for example, Canada.

Factors of Production

The resources used to create goods and services.

Capital

The inputs, such as tools, machinery, and equipment, used to produce goods and services and get them to the customer.

Labor

Workforce.

Natural Resources

Please provide information about natural resources.

Knowledge

Please provide information about knowledge as a factor of production.

Knowledge Workers

Please provide information about knowledge workers.

Business Operations

Cost

Expenses incurred in creating and selling goods and services.

Exports

Please provide information about exports.

Gross Domestic Product (GDP)

Please provide information about Gross Domestic Product (GDP).

Productivity

Please provide information about productivity.

Profit

Revenue - Cost = Profit

Revenue

The money a company earns.

Risk

The potential to lose time and money or otherwise not be able to accomplish an organization's goals. Conservative companies tend to be risk-averse.

Services

Intangible offerings of businesses that can't be held, touched, or stored.

Other Organizations

Not-for-Profit Organization

An organization whose main objective is to achieve some goal besides the goal of making a profit.

The biggest not-for-profit organization is the government.

Influences on Business

Nature, competition, global issues, economy, demography, and technology all influence a business.

Quality of Life

The general human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time.

Standard of Living

A country's output of goods and services that people can buy with the money they have.

Technology

Please provide information about technology and its impact on business.

Component Lifestyle

:
Cost: Expenses incurred in creating and selling goods and services
Demography: The study of people’s vital statistics, such as their age, race and ethnicity, and location
Economic System:
Entrepreneurs:people who combine labor, capital, and natural resoucers to make a business (empresarios)
Exports:
Factors of production: the resources used to create goods and services
Generation X:
Generation Y:
Gross Domestic Product (GDP):
Knowledge:
Knowledge workers:
Services: Intangible offerings of business that can´t be held, touched,or stored
Labor: mano de obra
Mixed economies: the combination of capitalism and socialism/communism; Canada
Natural resources:
Not-for-profit organization: an organization that their main objective is to achieve some goal, besides the  goal of making a profit
Productivity:
Profit: Revenue-Cost=utilidad
Quality of life: the general human happiness based on such things as life expectancy educational standards, health, sanitation and leisure time.
Revenue: the money a company earns
Risk: The potential to lose time and money or otherwise not be able to accomplish an organization's goals/ Conservative companies
Socialism: government own everything
Standard of living: a country's output of goods and services that people can buy with the money they have
Technology:
The biggest not-for-profit organization is the government.
Nature, competition, global issues, economy, demography, technology influence on a business