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205 EC-003 GLOSSARY

QuestionAnswer
BILK Cheat, swindle, defraud
BUSINESS RISK The possibility of loss(failure) or gain (success) inherent in conducing business
COMPETITION The rivalry between two or more businesses to attract scarce customer dollars.
CONTRACT Agreement between two or more businesses or individuals stating that one party is to do something in return for something provided by other party
CORPORATION A form of business ownership that is owned by stockholders who have purchased units or shares of the company.
DEMAND The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
DEMOGRAPHICS The physical and social characteristics of the population.
EXTERNAL RISKS Financial risk that a businesses cannot control, such as inflation and interest rate fluctuations.
FINANCIAL RISK 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 resources and capital goods used to produce goods and services also known as private enterprise.
GUATANTEE A promise made to the consumer that a product's purchase price will be refunded if the product is not satisfactory; often called a money-back guarantee.
Created by: christopher.f168
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