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BE 205
Business Essential
| Term | Definition |
|---|---|
| cost of goods | the amount of money a business pays for the product it sells or for the raw materials frm which it produces goods to sell |
| 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 that buyers are ready to buy at a given price at a particular time |
| economy | the system in chich people make and spend their incomes |
| efficiency | accomplishing a task with a minimum expenditure of time and effort |
| expenses | the money a business spends |
| gross profit | money left after the cost of goods expense is subtracted from he total income |
| income | the money reviewed by resource owners and by producers for supplying goods and services to consumers |
| net profits | money left after the cost of goods expense and the operating expense are subtracted from the total income |
| operating expense | all of the expenses involved in running a business |
| pricing | a marketing function |
Created by:
user-2014714
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