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2.02 F.A.P.

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 owes money or from whom it wants to borrow money.
Demand The quality 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 minimum expenditure of time and effort
Expenses The money that a business spends.
Gross Profit Money ;eft 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 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 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 the risk involved in investing in a business.
Profit Motive The desire to make 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 businesses must pay to the government.
Created by: brenda.m383
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