Chapter 1 Vocabulary

  1. Entrepreneur
    A person who risk time and money to start and manage a business
  2. Business
    Any activity that seeks to provide goods and services to others while operating at a profit
  3. Revenue
    The total amount of money a business takes in during a given by selling goods and services.
  4. Loss
    When a business's expenses are more than its revenue.
  5. Profit
    The amount of money a business earns above and beyond what is spends for salaries and other expenses.
  6. Stakeholders
    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.
  7. Non-Profit Organization
    A organization whose goals do not include making a profit for its owners or organizers.
  8. Factors of Production
    • The sources used to create wealth:
    • Land
    • Labor
    • Capital
    • Entrepreneurship
    • Knowledge
  9. Productivity
    The amount of output you generate given the amount of input (e.g., hours worked)
  10. Demography
    The statistical study of the human population with regards to its size, density, and other characteristics such as: age, race, gender and income.
Card Set
Chapter 1 Vocabulary
Vocabulary words from chapter one