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1.01 Key Terms

Mrs. Roten Class

TermDefinition
Profit Money left over after a buisness has paid for the expenses of running the buisness Income>expenses
Profit Motive A person's incentive to work to gain money
Competition Contest between buisness to win customer's loyalty and buisness
Needs Items that are necessary
Wants Items that would be nice to have
Consumer A person who uses goods of services. Many times the consumer is the customer.
Goods Items buisness sells that can be physically weighed of measured, such as an ipod
Services Tasks that buisness perform or provide for customers, such as hair cuts or car washes
Sole proprietorship a buisness owned by 1 person
Partnership owned by two or more people
Franchise a contract between a parent company and a franchise to use the name and sell the goods or services of the parent company, such as KFC
Non-profit Organization a buisness whose goal is to provide a service rather than to make a profit, such as American Red Cross
Corporation a buisness considered seperate from the owners of the buisness by law. The owners are stockholders.
Multinational corporation a company that does buisness and has buisness facilities in many countries, such as Coca Cola.
Accounting The process of recording and reporting the financila data for a buisness
Management The process of leading or directing all of part of an organization
Marketing The process of creating, promoting, and presenting a product to consumers
Information Technology The process of developing, installing, and implementing computer information systems and applications. IT includes the support and maintenence of a computer hardware and software
Operations The activities involved in the day-to-day running of a buisness for the purpose of producing value for the stakeholders
Human Resources The activites that deal with the hiring, firing, training, and other personal (employee) issues
Manufacturing Process of making finished products out of raw material
Demand The amount of a good or service that consumers will want to purchase at a given price.
Supply How much producers are willing and able to sell at a given price during some pierod of time.
Loss When your expenses exceed your profit
Surplus Overstock or overage
Resources Anything which is useful and can satisfy a want; the input to production. 2 types (human and natural)
Choice the process by which people decide how to use the scarce resources available to them; the act of selecting from among alternative uses of a limited resource
Opportunity Cost What must be given up when decisions are made to use scarce productive resources to produce particular goods or services
Created by: Kitkat11321