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2.05 Factors Affecti

2.05

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 owes money or from whom it wants to borrow money
Demand the quantity of a good or service that buyers are ready to buy at a given price at a particular
Economy The system in which people make and spend their incomes
Efficency Accomplishing a task with a minimum expenditure of time and effprt
Expenses The money that a business spends
Gross profit Money left after the cost of goods expense is subtracted from total income
Income The money received by resource owners and by producers for supplying goods and services to customers
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 customers perceptions of values
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 the risk involves 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 an services
Risk The possibility of loss or failure
Suppliers Vendors, businesses from which other businesses buy goods and services
Taxes Monies that individuals or businesses must pay to the government
Created by: daniel jorge
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