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TermDefinition
Business The activity of providing goods and services to the customer for profit
Profits
The amount left when a business subtracts its expenses from its revenue
For- Profit The primary reason for the business to exist
Non-Profit The primary reason for the business to exist is something other than profit
Sole Proprietorship A legal form of business with only one onwer
Partnership Two or more owners in a business
Corporation A legal form of business ownership that is determined by the shares held by the owner.
Management The business function of planning, organizing, directing, and controlling business resource's.
Marketing The business function that focuses on the exchanged process between the business and its customers.
Accounting The business function that tracks the flow of payment in and out of a business
Production The business function that designs and manages the process that manufacturs the businesses products
Information technology The business function that manages all the technology use to run the business and collets information for desison making.
HIPPA Health insurance portability and accounting act of 1996
Hippa A federal law that mandates insurance portability and sets up procedure for electronic data exchange
Market economy Sellers compete for customers.
Oilopoly Only a few sellers
Monopoly With one seller that sets whatever price.
Demand The amount of good the seller is willing to purchase at a given price
Economic Indicator's Keys measurements that provide information about the health of the economy.
Interest The amount stated as a percentage paid to borrow money
Inflation An increase in price level
Unemployment Lack of jobs in the economy for those willing and able to work
Business cyle Regular cycles in declined growth in a economy over a period of time.
Joint Commission National organization that evaluates and accredit health care organizations
Antitrust An area of federal laws that prohibits monopolization.
SWOT analysis A method used by business that analyse the external environment
Created by: ahough97