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Key terms defined
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 (that is to make money). |
Competition | Contest between business to win customers business and loyalty. |
Needs | Items necessary for exercise, such as clothing, food,and loyalty. |
Wants | Items that would be nice to have, but are not necessary. |
Consumer | A person who uses goods or services. Many times the customers is also the consumer(purchaser). |
Goods |