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BE 205

Business Essential

TermDefinition
cost of goods the amount a business pays for the product it sells or for the raw materials from which it produces goods to sell: the amount of money a business pays for the produncts (or for any part of the products) it sells
creditors individuals or businesses to whom a business owes money or from whom it wants to borrow money
demand the quantity of a good or service hat buyers are ready to buy at a given price at a particualer time
economy the system in which people make and spent their incomes
effciency accomplishng 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 recived by resource owners and by producers for supplying goods and sirvices to costomers
net profit money left after the cost-of-goods expense and the operating expense are each subtracte 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 percetions 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 an capital goods used to produce goods and services
profit monetary reward a business owner recives for taking the risk involed in investing in a business
profit motive the desire the make a profit which moves people to invest in business
Created by: user-2015094
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