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unit 1 vocabulary
computer class
Term | Definition |
---|---|
Profit | Money that remains after a business has paid for the expenses of running the business. Income > Expenses |
Profit motive | A person's incentive to work to gain something for himself or herself (that is to make money). |
Competition | Contest between businesses to win customers' business and loyalty |
Needs | Items necessary for existence, such as clothing, food, and shelter. |
Wants | Items that would be nice to have, but are not necessary. |
Consumer | A person who uses goods or services. Many times the consumer is also the customer (purchaser). |
Goods | Items businesses sell that can be physically weighed or measured, such as iPods and CDs. |
Services | Tasks that businesses perform or provide for customers, such as hair cuts and car washes. |
Sole proprietorship | A business owned by only one person |
Partnership | A business owned by two or more people. |
Franchise | A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC. |
Non-profit organization | A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross. |
Corporation | A business considered separate from the owners of the business by law. The owners are the stockholders. |
Multinational corporation | A company that does business and has business facilities in many countries, such as Coca Cola. |