Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
1.01 vocab
| Term | Definition |
|---|---|
| Profit | money that remains in the buisness has paid for the expenses |
| Profit motive | persons incinitive to work to gain something for him/herself (make money) |
| Competiton | contests between buisness to win customers buisness and loyalty |
| Needs | items nessasary for existance such as clothing, food, and shelter. |
| Wants | items that would be nice to have but are not nessasary |
| Consumers | a person who uses goods or services many times the consumer is also the purchaser |
| Goods | items buisness sell that can be physically weighed or measured. |
| Services | tasks that buisness perform or provide for customers such as hair cuts and car washes |
| Sole proprietorship | a buisness owned by only one person |
| Partnership | a buisness owned by two or more people |
| Franchise | a contract between a parent company and a franchise to use the name and sell the goods |
| Non - profit organization | a buisness whose goal is to provide a service rather than to make a profit. |
| Corporation | buisenesess considered seprate from the buisness by law |
| Multinational corporation | company that has buisness facilities in many countries |
| Accounting | process of recording the financial data |
| Management | Process of leading and directing all are part of an organization |
| Marketing | process of directing and promoting and presenting the product to the consumers |
| Information technology | process of developing installing and implementing computer information |
| Operations | the activities involved in the day to day running of the buisness |
| Human resources | the activities that deal with the hiring, and the firing training and other personnell |
| Manufacturing | process of making finished products out of raw materials |
| Demand | the amount of a good service that the consumers would want to purchase |
| Supply | how much producers are willing to give and able to sell at a willing price |
| loss | when your expenses exceed your profit |
| surplus | overstock or overage |
| resources | anything that is useful and that can satisfy any wants |
| Choice | the process by which people decide how to use the scarce resources |
| Oppurtunity cost | what must be given up when desicions are made to use scarce productive resources. |
Created by:
DestinyRenee
Popular Business sets