New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Exploring Business- 10123 Chapter 1 Notes

by: Sierra McKimmy

Exploring Business- 10123 Chapter 1 Notes BUS - 10123 - 001

Marketplace > Kent State University > Business Administration > BUS - 10123 - 001 > Exploring Business 10123 Chapter 1 Notes
Sierra McKimmy
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for EXPLORING BUSINESS

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive EXPLORING BUSINESS notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

These notes cover the first chapter of our books and what we talked about in class.
Eric Von Hendrix
Class Notes
Exploring Business





Popular in Business Administration

This 5 page Class Notes was uploaded by Sierra McKimmy on Tuesday January 26, 2016. The Class Notes belongs to BUS - 10123 - 001 at Kent State University taught by Eric Von Hendrix in Spring 2016. Since its upload, it has received 81 views. For similar materials see EXPLORING BUSINESS in Business Administration at Kent State University.

Similar to BUS - 10123 - 001 at KSU

Popular in Business Administration


Reviews for Exploring Business- 10123 Chapter 1 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/26/16
Chapter 1: Taking Risks and Making Profits 1.1 What is a Business? Business – an endeavor that sells goods or services with the expressed intent of accumulating wealth for the owners Entrepreneur – Someone who takes risks with time and money to create and run a business Goods – Tangible items like food or clothes Services - Intangible items like education or insurance Revenue – Amount of money a business earns selling its products in a given period of time Profit – Money earned after paying for business expenses like salaries Loss – expenses to run a business is more than its revenue What are Risks involved with Starting a Business? Risk – An entrepreneur losing time and money on the possibility that a business is not profitable  Higher Risk= Higher Profits What is the Standard of Living and Quality of Life? Standard of Living – Number of goods and services people can buy with their money Quality of Life – Well being of a society in regards to things like political freedom, safety, etc. that all contribute to the enjoyment that goods and services provide What are Stakeholders? Stakeholders – The people affected by the activities and polices of a business and whose concerns the businesses need to focus on Stakeholders Are: Biggest Suppliers Stakeholders Dealers  Customers Community  Employees Members  Stockholders Media Elected Officials Bankers  Environmentalists Example of Stakeholders: McDonald’s sales going up due to listening to its customers and adding breakfast as an all day menu item. What is Outsourcing and Insourcing? Outsourcing – Contracting with companies usually in other countries to do some of the business’ functions Insourcing – Companies from other countries opening offices in the U.S. What is a Nonprofit Organization? Nonprofit Organization – Association that does not have the intent to accumulate wealth for its owners 1.2 What are the Factors of Production? Factors of Production – Five factors that contribute to the creation of wealth 1. Land 4. Entrepreneurship 2. Labor 5. Knowledge 3. Capital (Resources) 1.3 What is a Business Environment? Business Environment – Outside factors that can positively or negatively impact a business Factors: 1. Economic and Legal 2. Technological  Freedom of Ownership  Information  Contract Laws  Databases  Little Corruption  Bar codes  Tradable Currency  Internet  Minimum Taxes and Regulations 3. Competitive 4. Social  Customer Service  Attention to Stakeholders  Diversity  Employee Service  Changing  Environment Concern Demographics 5. Global  Changes in Families  World Wide Competition  Free Trade  Quality Imperative How can the Government Promote Business? They can Promote Businesses by:  Reduce Spending and Taxes  Allow Businesses to Form Lawful Contracts  Ability to have Private Ownership  Have Tradable Currency  Reduce Government Interferenc Lesson Corruption 1.4 What is Technology and what are the Benefits of Technology? Technology – Anything electronic like phones to computers, help make business more efficient and productive Effectiveness – Creating the desired result Efficiency – Using the least amount of resources while creating goods and services Productivity – Output generated in the amount of input (how long you work) E-Commerce – Buying and selling online (think EBay) What is the Downside of Technology? Database – Electronic storehouse of information Identity Theft – attaining personal information of a person and using it illegally like credit card numbers 1.5 What is Empowerment? Empowerment – Responsibility, authority, and freedom given to workers to respond to customer requests quickly 1.6 What does Demography and Diversity mean? Demography – Statistical study of the population in regards to size and characteristics including age, gender, etc. Laws are set out by the U.S. Equal Employment Opportunity Commission that help promote diversity by prohibiting discrimination against age, disability, race, etc. 1.7 How is the Global Environment changing? Significant Global Environment Changes: 1. Global Competition Growing 2. Growing Free trade 3. Improvements on Distribution Process 4. Better Communication Methods What is Greening? Climate Change – Increasing or decreasing temperature change on Earth over time Greening – Using less energy and creating environmentally friendly products


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Allison Fischer University of Alabama

"I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over $600 per month. I LOVE StudySoup!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.