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Mckeel Eteam tryouts

buisness Vocab

QuestionAnswer
advertisement the method by wich buisnesses make their product known to the consumers, provides info about the goods or services the producer or distributor wishes to be known
balance the amount of money in ones bank account
barter the direct trade of services or goods between people without the use of money
buisness a basic economic unit; takes part in the buying of and hiring of resources to produce a product with the intention of making a profit for the owner(s)
choice someting one must make when facing 2 alternitive uses for a resource
compare to examine for similarities and differances.
conservation the wise use of natural resources
consumers people or buisnesses whos needs and wants are satisfied by using goods or services. those who buy and make final use of the goods or services
criteria standards used in making a decision
demographics statistical characteristics of a population such as age, income, gender, ecct.
distribution the part of the productive process when the goods are tranported to a geographical point where it can be used to satisfy the wants and needs of the consumers.
economic systems the way a society organizes the production, consumption, and distribution of goods and services
entreprenouer one who organizes and manages recources- including labor- to produce goods or services and assumes the risk of a buisness for the sake of a possible profit
goods objects that can be touched or held to satisfy peoples wants
import buying from another country
installment required payments of equal amounts, every month until the loan is paid in full
inventory the supply of a product or products that the buisness has "on hand"
loss the negative difference between the cost and sales price
merchandise the goods that someone wants to sell
mint the facility where coins are made
Mortgage a loan secluded by real estate
Net income the actual amount of money recieved after taxes and other payroll deductions have been subtracted from the gross income
price the value of goods or services in money terms
quality the degree of excellence
quantity the amount of a product
Resume a summary of a persons education, experience and work skill used when searching for a job
shortage the situation resulting when the quantity demanded exceeds the quantity supplied of a good, service, or resource
tax required payment taken from households and buisnesses by the goverment to be used for public goods and services
trade the purchase, sale, or exchange of goods and services
Created by: skrat