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vocab 1.00

vocab

TermDefinition
profit incom-expense=profit
profit motive an incentive to make money
competition contest between businesses to win costumers loyalty
needs items necessary for existence
wants items that are nice to have but not necessary
consumer consumer is usually customer consumer is a person who uses goods or services
goods physical items people sell
services tasks business provide for customers
sole proprietorship business owned by 1 person
partnership business owned by 2 or more people
franchise a contract between a parent company and a franchise to use the name and sell the goods and services of the parent company
non-profit organization business whose goal is not to make profit
corporation a business considered seperate from the owners of a business by law . The owners are the stock holders
multinational corporation a companie that does business and has businesses in many countries (coca-cola)
accounting process of recording and reporting the financial data of a business
management process of leading and directing all or part of a organization
marketing process of promoting and presenting a product to consumers
information technology developing instaling implementin computer information systems
operations activities involved in the everyday running of a business to produce value for the stakeholders
human resources deals with hiring firing training and other employee issues
manufacturing process of making a finished product out of raw materials
demand the amount of a good or service consumers want at a given price
supply how much producers are able and willing to sell at a given time
loss when your expenses are more than your income
surplus overstock or overage
Created by: 12321
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