Vocab Essay

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Chapter 1 Vocab business Any activity that provides goods and services in an effort to earn a profit. business environment The setting in which business operates. The five key components are: economic environment, competitive environment, technological environment, social environment, and global environment. entrepreneurs People who risk their time, money, and other resources to start and manage a business. factors of production Four fundamental elements—natural resources, capital, human resources, and entrepreneurship—that businesses need to achieve their objectives. loss When a business incurs expenses that are greater than its revenue. profit The money that a business earns in sales (or revenue), minus expenses, such as the cost of goods, and the cost of salaries. Revenue – Expenses = Profit (or Loss) quality of life The overall sense of well being experienced by either an individual or a group. standard of living The quality and quantity of goods and services available to a population. Chapter 5 Vocab active voice Sentence construction in which the subject performs the action expressed by the verb (e.g.,sister wrote the paper active voice works better for the vast majority of business communication. passive voice Sentence construction in which the subject does not do the action expressed by the verb; rather the subject is acted upon (e.g., The paper was written by my sister). Passive voice tends to be less effective for business communication. communication The transmission of information between a sender and a recipient. intercultural communication Communication among people with differing cultural backgrounds. noise Any interference that causes the message you send to be different from the message your audience understands. “The Cloud” A delivery of computing as a service rather than a product, whereby

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