Haleem Grillo
Professor HaffJanuary 12, 2018
Revenue is just the total amount of money accumulated from a business before subtracting expenses while Profit is the total amount of money earned by a business after subtracting expenses.

Standard of living is the degree or level of wealth, happiness and material comfort of a nation or city while Quality of life is the level of wealth and happiness of an identified group of people.

Risk is time and money an entrepreneur takes to a business which might not gain profit. It is related to profit when a business wants to a take a chance to buy materials he has a choice whether to buy one or the other and if he gains revenue from a material he removes expenses from the revenue to gain his profit.

Stake holders are the people who will either gain or lose by the policies and activities of a business. Outsourcing means making transactions with other companies to do a function of a firm, mostly its production tasks. Insourcing means the practice of using the organization’s resources to complete a task.

a. You do not bear the risk of the company.

b. You have health insurance.

c. You have retirement benefits.

6. Advantages
a. It offers flexibility.

b. It allows you to set your own earnings.

c. You have control of the company.

Disadvantages
There is excessive competition as a business owner.

It means you must dedicate a huge amount of time to the business.

The business does not guarantee success.

Land, Labor, Capital, Entrepreneurship and Knowledge. The most important is knowledge to create wealth.

a. To promote private ownership of business.

b. They can further lessen the risks of entrepreneurship by passing the laws that enable business people to write enforceable contracts.

c. They establish a currency that is tradeable in the world markets.

d. They can help minimize corruption in business and its own ranks.

9. Effectiveness is being adequate to accomplish a task or purpose and producing the expected result. Efficiency means performing in the best possible way with less time and effort. Productivity means the amount of output you generate given the amount of input.Empowerment means giving frontline workers the responsibility, authority, freedom, training and equipment they need to respond to customers quickly.

The major issues that are affecting the economy are war and terrorism, climate change, greening.

12. The major factor is technology.

It seems bright because it would be revolutionized by technology but it would need the cooperation of government and social leaders of the world
It means to do something stupid or dumb. You can avoid it by not letting people grind you down and not listening to them.