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nature of business

yooooo computers

TermDefinition
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.
Accounting The process of recording and reporting the financial data for a business.
Management The process of leading and directing all or part of an organization
Marketing The process of creating, promoting, and presenting a product to the consumers.
Information Technology The process of developing, installing, and implementing computer information systems and applications. IT includes the support and maintenance of computer hardware and software.
Operations The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.
Human Resources The activities that deal with the hiring, firing, training and other personnel (employee) issues.
Manufacturing Process of making finished products out of raw materials.
Demand The amount of a good or service that consumers will want to purchase at a given price.
Supply How much producers are willing and able to sell at a given price during some time period. (Along with demand, one of the two key determinants of price).
Loss When your expenses exceed your profit
Surplus Overstock or overage
Resources Anything which is useful and can satisfy a want; the input to production. 2 types (human and natural)
Choice The process by which people decide how to use the scarce resources available to them; the act of selecting from among alternative uses of a limited resource.
Opportunity Cost What must be given up when decisions are made to use scarce productive resources to produce particular goods or services
Created by: KaylieJones