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Unit 1
Computer class
| Term | Definition |
|---|---|
| profit | Money left after a buisiness pays expenses |
| Profit motive | Incentive for a person to to make money for himself |
| Competition | Contest between businesses to win customers |
| Needs | Items necessary to live |
| wants | Items that are nice to have |
| Consumer | A person who uses goods or services |
| Goods | Tangible items that businesses sell |
| Services | Tasks that businesses perform or provide for customers |
| Sole Propiertorship | A business only owned by one person |
| Partnership | A business owned by two or more people |
| Franchise | Agreement to use the name and sell the goods of the parent company |
| Non-Profit Organization | A business whose goal is to provide a service rather than to make profit |
| Corporation | Abusiness considered seperate from the owners of the businesss by law |
| Multinational corporation | A company that does business and has many bussines facilities in other countries |
| Accounting | The process of recording and reporting the financial data for a business |
| Management | The process of leading and directing all or part of an organization |
| Marketing | The process of creatinf, promoting, and presenting a product to customers |
| Information Technology | The process of developing, installing, and implementing computer information systems |
| Operations | The activities involved in the day-to-day running of a business for the purpose of producing value for stockholders |
| Human Resources | The activites that deal with hiring, firing, training, and other employee issues |
| Manufacturing | process of making finish 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 time period. (Along with demand, one of the two key determinants of price). |
| 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:
Haley9
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