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Business Management
Business Essentials
| Term | Definition |
|---|---|
| Capital goods | Manufactured or constructed items that are used ot produce goods and provide services |
| Competition | The rivarly between two or more business to attract scarce costumer dollars |
| Economic resources | The human and natrual resources and captyal goods used to produce goods and services |
| Entreprenuer | An individual who:invents, develops, and distributes a good or provides a service; assumes the risks of starting and builiding a business in the marketplace |
| Human resources | People who work to produce goods or services |
| Market economy | An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace |
| Marketplace | Anywhere the buying and/or selling of goods takes place |
| Mixed systems | An economic system in which individuals make most economic decisions but some goverment contol and ownership exists. |
| Natrual resources | Items that are found in nature and used to produce goods and services |
| Price-directed system | A descriptive term for the American private enterpirse economy because price determines what people buy, the jobs they take, the success or failure of an business, and the prodcuts that will be produced |
| Private enterprise | An economicc system in which individuals and rgoups, rather than the goverment, own or control the means of prodcution; also known as free market economy, private profit system, market system, capilistic systems, or free enterprise systems. |
| Private property | Anything of value that people own. |
| Profit | Monertary reward a business owner recieves for taking the risk involoved in investing in a business; income left once all expenses are paid. |
| Profit motive | The desire to make profit which moves people to invest in business |
| Cost of goods | The amount of money a business pays for the products it sells or for the raw materials formw hcih it rpoduces goods to sell; the amount of money abusiness pays for the prodcuts it sells. |
| Creditors | Individuals or businesses to whom a business owes money or from whom it wants to borrow money |
| Demand | The quanity of a good or service that buyers are ready to buy at a given prive at a particular time. |
| Economy | The system in which people make and spend their incomes |
| Efficency | Accomplishing a task with a minimum expendicture of time and effort |
| Expenses | The money that a business spends |
| Gross Profit | Money left after the cost of goods expenses us subtracted from total income |
| Income | The money recieved by resource owners and by producers for supplying goods and services to consumers |
| Net profit | Money left after the cost-of goods exspense 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 ot maximixze return and meet costumers preceptions of value |
| Private enterprise system | An economic system in which individualsand groups, rather than the goverment, own or control the means of production-the human and natrual resources and capital goods used ro produvce goods and services. |
| Resources | Items that are used to accomplish another activity, such as prodcuing/providing goods and services |
| Risk | The possibilty of loss or failure |
| Suppliers | Vendors; business from which orher businesses buy goods or services. |
| Taxes | Monies that individuals or businesses must pay to the goverment. |
Created by:
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