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BE 204/205
Business Essential
| Term | Definition |
|---|---|
| Capital goods | durable, man-made items like machinery, equipment, and buildings that are used by businesses to produce other goods and services. |
| Competition | The rivalry between two or more business to attract scarce customer dollars |
| Economic resources | the inputs used to produce goods and services |
| Economic system | how a society or government organizes the production, distribution, and consumption of goods and services to allocate its resources. |
| Entrepreneur | a person who starts and runs their own business, identifying a market opportunity and taking on the associated risks to build a company |
| Human resources | refers to both the people who work for an organization and the department that manages them, handling functions from recruitment and training to payroll and benefits. |
| Market economy | an economic system where the forces of supply and demand, rather than a central government, determine the production, pricing, and distribution of goods and services. While no "pure" market economy exists |
| Marketplace | the arena of competitive or commercial dealings; the world of trade. |
| Mixed system | Most modern economies are mixed systems, though the degree of government involvement varies. |
| Natural resources | materials from nature, such as sunlight, water, and forests |
| Price-directed system | a market economy where prices guide resource allocation, production, and consumption without central command. |
| Private enterprise | business or industry that is managed by independent companies or private individuals rather than by the state |
| Private property | Is the ownership of assets by individuals or private groups, rather than the government |
| Profit | the financial gain from a business or transaction, calculated as total revenue minus total costs |
| Profit motive | the desire for financial gain as an incentive in economic activity. |
| Cost of goods | the direct cost of producing or acquiring the goods a company sells, including materials, direct labor, and factory overhead |
| Creditors | person, organization, or entity that is owed money for goods, services, or a loan they have provided. This can be a bank lending money or a supplier who has delivered goods but has not yet been paid. |
| Demand | demand is the number of consumers willing to purchase goods or services at a specific price |
| Economy | the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. |
| Efficiency | Accomplishing a task with a minimum expenditure of time and effort |
| Expenses | the cost of products or services used to operate or for personal use, which is an outflow of money that cannot be recovered. It can refer to both personal outlays, utilities, and advertising, which are deducted from revenue to determine profit. |
| Gross profit | is a company's total revenue minus the direct costs of producing and selling its goods or services, also known as the cost of goods sold |
| income | money or other benefits received for goods or labor within a specific period, and it can be categorized as earned |
| Net profit | the actual profit after working expenses not included in the calculation of gross profit have been paid. |
| Operating expenses | the day-to-day costs of running a business, such as rent, salaries, utilities, and marketing |
| Pricing | the process of setting the value of a product or service, which involves determining the amount of money a customer will pay. Businesses set prices based on factors like production costs, customer demand, market conditions, and competitor prices |
| Private enterprise system | an economic system where individuals and groups, not the government, own and operate businesses for profit. |
| Resources | a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively. |
| Risk | potential for financial loss due to changes in the broader economic environment, such as fluctuations in inflation, interest rates, or currency exchange rates. |
| Suppliers | an individual or business that provides goods or services to another entity |
| Taxes | mandatory payment or charge collected by a government from individuals or businesses to fund public goods and services. |
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