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1.01 Key Terms
Mrs. Roten Class
| Term | Definition |
|---|---|
| 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
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