the amount of money a business pays for the products it sells or for the raw material from which it produces goods tt sell

Individuals or businesses to whom a business owns money or from whom it wants to borrow money

The quantity of a good or serivice that buyers are ready to buy at a given price at a particular time

the system in which people make and spend their incomes

Accomlishing a task with a minimum expenditure of time and effort

The money that a business spends

Money left after the cost-of-goods expense is subtracted from total income

The money received by resource owners and by producers for supplying goods and services to consumers

Money left after the cost-of-goods expense and the operating expence are each subtracted from the total income

All of the expenses involved in running a business

A marketing function that involves determining and adjusting prices to maximize return amd met customer's perceptions of value

Private enterprise system

An economic system in which individuals and groups, rather than the government, own or control the means of producton- the human and natural resources and capital goods used to produce goods and services

Monetary reward a business owner receives for taking the risk involved in investing in a business

The desire to make a profit, which moves people to invest in business

Items that are used to accomplish another activity, such as producing/providing goods and services

The possibility of loss or failure

Vendors;business from which other business buy goods or services

Monies that individuals or businesses must paay to the governmeent

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BE 205

Term	Definition
Cost of goods	the amount of money a business pays for the products it sells or for the raw material from which it produces goods tt sell
Creditors	Individuals or businesses to whom a business owns money or from whom it wants to borrow money
Demand	The quantity of a good or serivice 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	Accomlishing 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 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 expence 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 amd met customer's perceptions of value
Private enterprise system	An economic system in which individuals and groups, rather than the government, own or control the means of producton- 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 a profit, which moves people to invest in business
Resoures	Items that are used to accomplish another activity, such as producing/providing goods and services
Risk	The possibility of loss or failure
Suppliers	Vendors;business from which other business buy goods or services
Taxes	Monies that individuals or businesses must paay to the governmeent

Created by: user-2014862

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