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205

EC-003

TermDefinition
Bilk Cheat, swindle, defraud
Business Risk The possibility of a loss(failure) or gain(success) inherent in conducting business
competition the rivalry between two ore more businesses or individuals stating that one party is to do something in return for something provided by the other party
contract Agreement between two or more businesses or individuals stating that one party is to do something in return for something provided by the other party
Corporation A form of business ownership that is owed by stockholder who have purchased units or shares of the company
demand The quantity of a good or service that buyers are ready to buy at any giver price at a particular time
Demographics The physical and social characteristics of the population
External Risks Financial risks that business cannot control such as inflation and interest rate fluctuations
Financial Risks Possible events and situations that directly impact a company's cash flow
Free Enterprise An economic system in which individuals and groups, rather than the government, own or control the means of production- the human and natural recourses and capital goods used to produce goods and services also known as private enterprise
Guarantee A promise made to the consumer that a products purchase price will be refunded if the product is not satisfactory often called a money-back guarantee
Created by: nadia.p419
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