Mckeel Eteam tryouts

Description:	buisness Vocab
Category:	Business
Created by:	skrat on 2008-09-24

Question	Answer
advertisement	the method by wich buisnesses make their product known to the consumers, provides info about the goods or services the producer or distributor wishes to be known
balance	the amount of money in ones bank account
barter	the direct trade of services or goods between people without the use of money
buisness	a basic economic unit; takes part in the buying of and hiring of resources to produce a product with the intention of making a profit for the owner(s)
choice	someting one must make when facing 2 alternitive uses for a resource
compare	to examine for similarities and differances.
conservation	the wise use of natural resources
consumers	people or buisnesses whos needs and wants are satisfied by using goods or services. those who buy and make final use of the goods or services
criteria	standards used in making a decision
demographics	statistical characteristics of a population such as age, income, gender, ecct.
distribution	the part of the productive process when the goods are tranported to a geographical point where it can be used to satisfy the wants and needs of the consumers.
economic systems	the way a society organizes the production, consumption, and distribution of goods and services
entreprenouer	one who organizes and manages recources- including labor- to produce goods or services and assumes the risk of a buisness for the sake of a possible profit
goods	objects that can be touched or held to satisfy peoples wants
import	buying from another country
installment	required payments of equal amounts, every month until the loan is paid in full
inventory	the supply of a product or products that the buisness has "on hand"
loss	the negative difference between the cost and sales price
merchandise	the goods that someone wants to sell
mint	the facility where coins are made
Mortgage	a loan secluded by real estate
Net income	the actual amount of money recieved after taxes and other payroll deductions have been subtracted from the gross income
price	the value of goods or services in money terms
quality	the degree of excellence
quantity	the amount of a product
Resume	a summary of a persons education, experience and work skill used when searching for a job
shortage	the situation resulting when the quantity demanded exceeds the quantity supplied of a good, service, or resource
tax	required payment taken from households and buisnesses by the goverment to be used for public goods and services
trade	the purchase, sale, or exchange of goods and services