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EBME 1.01 Key Terms

Key Terms for Obj. 1.01

TermDefinition
Profit Money that remains after a business has paid for the expenses of running the business.
Profit Motive A person's incentive to work to gain something for himself or herself.
Competition A contest between businesses to win customers' business loyalty.
Needs Items necessary for existence, such as clothing, food, and shelter.
Wants Items that would be nice to have, but are not necessary
Consumer A person who USES goods or services. (Sometimes the consumer is also the customer.)
Goods Items businesses sell that can be physically weighed or measured, such as iPods and CDs.
Services Tasks that businesses perform or provide for customers, such as hair cuts and car washes.
Customer One who PURCHASES goods or serviced
Created by: psh325a