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EBME 1.01 Purposes
EBME 1.01 Purposes of Business
Term | Definition |
---|---|
Profit | Money that remains after a business has paid for the expenses of running the business |
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 haircuts and car washes |