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1.01 vocab

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