A risk- response strategy that involves choosing not to do something that is considered risky.

The possibility of loss ( failure) or gain ( success) inherent in conducting business.

The rivalry between two or more businesses to attract scarce customer dollars.

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.

Rivalry between or among businesses that offer similar types of goods and services.

The possibility of loss or failure that occurs as a result of the economy .

The money that a business spends.

Money left after the cost of goods expense is subtracted from total income( income from sales- cost of goods= profit)

The possibility of loss or failure from human error.

The money received by resource owners and by producers for supplying goods and services to customers.

Rivalry between or among businesses that offer dissimilar goods or services.

The type of market, or environment, in which businesses operate.

A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.

The possibility of loss or failure from nature.

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).

A type of rivalry between or among businesses that involves factors other than price.

A market structure in which there are relatively few sellers, and industry leaders usually determine prices.

All of the expenses involved in running a business.

A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.

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).

The desire to make a profit, which moves people to invest in business.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

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

Term	Definition
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

Text and Document Formatting, Arkansas Frameworks

Excel

Personal Characteristics and Skills of a Successful Entrepreneur

Examples of Personal Characteristics and Skills of a successful Entrepreneur

Glossary for Internal Operations of a Large Business

Descriptions of the 5 stages of the Entrepreneurial Process

Entrepreneurial Process Activities

Business Plan Parts

Bus Plan Parts Ex

Bizworld Vocab #1

Unit 1 - Hardware and Software

A4 CBA Excel Vocab

"Know" box contains:
Time elapsed:
Retries: