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2.02 factors vs prof

Business Essentials

TermDefinition
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 sells
Creditors individuals or businesses to whom a business owns money or from who it wants to borrow money
Demand Demand The quantity of a good or service hat buyers are ready to buy at a given price at a particular time
Economy The system which people make and spend their incomes
efficiency Accomplishing a task with a minimum expenditure of time and effort
Expenses The money that a business spends
Gross profit Money left after the cost of goods expenses is subtracted from total income
income The money received by recourse owners and by producers for supplying goods and services to consumers
Net profit Money left after the cost of goods expense and the operating expense are each subtracted from the total income
Operating expenses All of the expenses involved in running a business
Pricing A marketing function that involves determining and adjusting prices to maximize return and meet costumers perceptions of value
Private enterprise system 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
Profit Monetary reward a business owner receives for taking a risk involved in investing in a business
Profit motive The desire to make a profit, which moves people to invest in business
Resources Items that are used to accomplish another activity, such as producing/providing goods and services
Risk The possibility of loss or failure
Suppliers Vendors; businesses from which other businesses buy goods or services
Taxes Monies that individuals or business buy goods or services
Created by: Zaye
Popular Business sets

 

 



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