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| Business | any activity that seeks to provide goods and services to others while operating at a provide | |
| Business Environment | surrounding factors that help or hinder the development of businesses | |
| Nonprofit Organization | an organization whose goals of not include making a personal profit for its owners or organizers | |
| Standard of Living | refers to 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 national environment, education, health care, safety, free time, and everything else that leads to satisfaction and joy | |
| Factors of Production | the resources used to create wealth: land, labor, capital entrepreneurship, and knowledge | |
| Goods | products such as computers, food, clothing, cars, and appliances | |
| Stakeholders | all the people who stand to gain or lose by the policies and activities of a business | |
| Empowerment | giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests. | |
| Revenue | total amount of money a business takes in during a given period by selling goods and services | |
| Risk | chance an entrepreneur takes of losing time and money | |
| E-Commerce | buying and selling of goods and services over the internet | |
| Profit | amount of money a business earns above and beyond what is spent for salaries and other expenses | |
| Service | intangible products such as education, health care, insurance, recreation, travel, and tourism. | |
| Loss | occurs when a business expenses are more than its revenues | |
| Productivity | amount of output you generate given the amount of input | |
| Entrepreneur | someone who risks time and money to start and manage a business |
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