BUS 1000 Lecture Notes - Lecture 1: Insourcing, Jeff Bezos, E-Commerce

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Key Terms/Words Chapter # 1
o Business
o Entrepreneur
o Factors of Production
o Loss
o Profit
o Services
o Nonprofit Organization
o Productivity
o Quality of life
o Revenue
o Stakeholders
o Standard of Living
o Demography
o E-Commerce
Class Film on Amazon
o An entrepreneur, Jeff Bezos, who founded Amazon with a small amount of money and is
now estimated to be worth over $50 billion
THE UPS and DOWNS of ENTREPRENEURSHIP
o Ups:
The freedom to succeed
Make your own decisions
High possibility of wealth
Hire your own staff
o Downs:
The freedom to fail
No paid vacations
No health insurance
No daycare
FIVE (5) FACTORS of PRODUCTION
o Land (or natural resources)
o Labor (workers or technology)
o Capital (machines, tools, buildings)
o Entrepreneurship (risk taking willingness)
o Knowledge (most important factor according to Peter Drucker--famous business scholar)
o What makes countries rich today is a combination of entrepreneurship and the
effectie use of knoledge. Entrepreneurs use hat they’e learned to gro their
businesses and increase wealth.
GOODS and SERVICES
o Goods -- Tangible products such as computers, food, clothing, cars and appliances
o Services -- Itagile produts that a’t e held i our had like, eduatio,
healthcare, insurance, recreation and travel.
o Success in business is often based on the strategy of finding a need for a product or
service and then filling that need.
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