Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

2.05 Key Terms

Avoidance A risk- response strategy that involves choosing not to do something that is considered risky.
Business Risk The possibility of loss ( failure) or gain ( success) inherent in conducting business.
Competition The rivalry between two or more businesses to attract scarce customer dollars.
Cost of goods The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products ) it sellls.
Direct Competition Rivalry between or among businesses that offer similar types of goods and services.
Economic Risks The possibility of loss or failure that occurs as a result of the economy .
Expenses The money that a business spends.
Gross Profit Money left after the cost of goods expense is subtracted from total income( income from sales- cost of goods= profit)
Human Resources The possibility of loss or failure from human error.
Income The money received by resource owners and by producers for supplying goods and services to customers.
Indirect Competition Rivalry between or among businesses that offer dissimilar goods or services.
Market structure The type of market, or environment, in which businesses operate.
Monopoly A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.
Natural risks The possibility of loss or failure from nature.
Net profit Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income (gross profit - operating expense = net profit).
Nonprice competition A type of rivalry between or among businesses that involves factors other than price.
Oligopoly A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
Operating expenses All of the expenses involved in running a business.
Perfect competition All of the expenses involved in running a business.
Price competition A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.
Profit Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid (income – expense = profit).
Profit motive The desire to make a profit, which moves people to invest in business.
Created by: gisela.f538
Popular Business sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards