(See related pages)
Below are the key terms featured in this chapter. Clicking on a term will reveal its definition. The textbook's full glossary is also available for online searching.
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| Business | Any activity that seeks to provide goods and services to others while operating at a profit (See page(s) 4) |
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| Business environment | The surrounding factors that either help or hinder the development of businesses (See page(s) 11) |
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| Database | An electronic storage file where information is kept; one use of databases is to store vast amounts of information about consumers (See page(s) 18) |
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| Demography | The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income (See page(s) 20) |
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| Empowerment | Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests (See page(s) 19) |
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| Entrepreneur | A person who risks time and money to start and manage a business (See page(s) 4) |
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| Factors of production | The resources used to create wealth: land, labour, capital, entrepreneurship, and knowledge (See page(s) 9) |
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| Goods | Tangible products such as computers, food, clothing, cars, and appliances. (See page(s) 23) |
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| Loss | When a business’s expenses are more than its revenues (See page(s) 5) |
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| Nonprofit organization | An organization whose goals do not include making a personal profit for its owners or organizers (See page(s) 7) |
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| Productivity | The amount of output that is generated given the amount of input (See page(s) 15) |
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| Profit | The amount a business earns above and beyond what it spends for salaries and other expenses (See page(s) 4) |
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| Regulations | Serve to carry out the purposes of or expand on the general laws passed by elected officials (See page(s) 13) |
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| Revenue | The total amount of money a business takes in during a given period by selling goods and services (See page(s) 5) |
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| Risk | The chance an entrepreneur takes of losing time and money on a business that may not prove profitable (See page(s) 5) |
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| Services | Intangible products (i.e., products that can’t be held in your hand) such as education, health care, insurance, recreation, and travel and tourism (See page(s) 25) |
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| Stakeholders | All the people who stand to gain or lose by the policies and activities of a business (See page(s) 5) |
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| Technology | Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more efficient and productive (See page(s) 15) |