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205

Bussiness essential

TermDefinition
Costs of goods The amount of moeny a business pays for the products it sells of for the raw materials from which it produces goods to sell, The amount of money A BUSINESS PAYS FOR THE PRODUCT
Creditors Individuals or businesses to whom a business owes moeny or from whom it wants to borrow moeny
demand The quantity of a good or servuce that buyers are ready to buy at a given price
Economy the system in which people make and spen their incomes
efficiency Accomplsihing a task with a minimum expenditure of time and effort
Exspeneses The money a business spends
Gross profit Money left after the cost-f-goods exspense is subtracted from total income
Income The moeny received by resource owners and producers for supllying goods and services
Net profit Money left after the cost of goods expsenses and the operating espense are each subtracted from the total
Operating exspense All of the exspenses involved in running a business
Pricing a merketing function that incolves determing and adjusting prices to maximize return meet consumers
Private enterprice system An economic system in which individuals and groups rather than the governmnt own or control the means of production also known w=as the marketeconomy
Profit Monetary reward a business a owner receives for taking the risk involved in invetsing in a business income lfts once all expsnes are paid
Profit motive The desire to make a 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: user-2014717
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