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EBME 1.01 Key Terms
Key Terms for Obj. 1.01
Term | Definition |
---|---|
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 |