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2.05 F.A.P

2.05

TermDefinition
Cost of goods The amount of money a business pays for 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 (or for any part of the products) it sells
Creditors Individuals or business to whom a business owes money or from whom it wants to borrow
Demand The quantity of a good or service that buyers are ready to buy at a given price at a particular time
Economy The system in 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 expense is subtracted from the total income
Income The money received by resource owners and by producers for supplying goods and services for costumers
Net profit Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income
Operating expenses All the expenses involved in running a business
Pricing A market function that involves determining and adjusting prices to maximize return and meet customers' 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 resources and capital goods used to produce goods and services
Profit Monetary reward a business owner receives for taking thee risk involved in investing in a buisness
Profit motive The desire to make a profit, which moves people to invest in buisness
Resources Items that are used to accomplish another activity, such as producing/providing goods and services
Suppliers vendors; businesses from which other businesses buy goods or services
Taxes Monies that individuals or businesses must pay to the government
Created by: DerrickMM2
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