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205 essentials

3-26-25

QuestionAnswer
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 (or for ay part of the products) it sells.
Creditors Individuals or business to whom a business owes money or from whom it wants to borrow money.
Demand The quantity of a goods 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 subtr4acted from total income.
Income The money received by resource owners and by producers for supplying goods and services to customers.
Net profit The money left after the cost-of-goods expenses 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' perception 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 investing in a business.
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: cole.k356
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