Tangible products such as computers, food, clothing, cars, and appliances

Intangible products (that can’t be held in your hand) such as education,

health care, insurance, recreation, and travel.

A person who risks time and money to start and manage a business.

The total amount of money a business takes in during a given period by selling goods and services.

The amount of money a business earns above and beyond
what it spends on salaries and other expenses.

When a business’s expenses are more than its revenues.

The chance an entrepreneur takes of losing time and money
on a business that may not prove profitable.

All the people who stand to gain or lose by the policies and activities of a

business and whose concerns the business needs to address.

An organization whose goals do not include making a personal profit for its owners or organizers.

Everything from phones to computers and the various
software programs that make business processes more effective,
efficient, and productive.

The obtaining of individuals’ personal information, such
as Social Security and credit card numbers, for illegal purposes.

The movement of the temperature of the planet up or down over time.

Contracting with other companies (often in other countries) to do some of

the functions of a firm, like production or accounting.

Standard of living is the amount of goods and services people can buy with the money they have.

Quality of life is the general well-being of a society in terms of its
political freedom, natural environment, education, health care, safety,
amount of leisure, and rewards that add to the satisfaction and joy
that other goods and services provide.

Stakeholders are all the people who does not stand to gain or lose by the
policies and activities of a business and whose concerns the business
needs to address.

Risk is the chance an entrepreneur takes of gaining time and money
on a business that will prove unprofitable.

Factors of production — The resources used to create wealth. The five factors:

Many foreign companies are opening offices and factories in the
United States, which is called insourcing.

Ethics is standards of moral behavior; that is, behavior

accepted by society as right versus wrong.

Plagiarizing from online materials is not the most common form of
cheating in schools today.

Emphasize preventing unlawful behavior by increasing

control and penalizing wrongdoers.

Define the organization’s guiding values, create an environment that
supports ethically sound behavior,

and stress a shared accountability among employees.

Corporate philanthropy — Includes charitable donations.