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Found of Bus Ch 1

TermDefinition
Asset What a business owns
Business refers to the aspects of making, selling, and providing products in exchange for money.
Business activity Anything a business does that helps it generate a profit
Business ethics refers to the moral and social responsibility of businesses to demonstrate ethical behavior in their policies and decision
Business plan A series of documents that serve as blueprints for building a business.
6. Customer people who purchase the goods and services businesses offer.
Economic activity refers to the production, distribution, and consumption of goods and services.
Economic resource are the goods and services businesses use to meet consumer wants and needs.
Economic system an organized way in which a state or nation distributes its resources and provides goods and services to the community.
Economics is the science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources.
Good goods refer to tangible items that are produced and sold to consumers, such as clothing or groceries.
Investment means using money to create wealth over time and is achieved through investment vehicles such as stocks, bonds, mutual funds, and real estate, among others.
Liability are what a business owes.
Market Places where goods and services are exchanged
Need is something essential to survival,
Net worth refers to the total value of a business determined by assets minus liabilities.
product is anything that can be bought or sold.
Profit is the financial gain calculated by the difference between amount earned and amount spent by a business.
Service refers to the performance of a particular task in exchange for money.
Standard of living refers to the level of wealth, material goods, and necessities considered to be essential to an individual or group in a particular geographic area.
Tax mandatory payments to the local, state, and national government for public services.
Wage money earned in exchange for work.
Want is something we desire but could ultimately live without.
Created by: jenjones
Popular Business sets

 

 



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