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BE 205

Business Essential

QuestionAnswer
Cost of goods The amount of money a business pays for the productrs it sells or for the raws materials from which it produces goods ro sell; the amount of money a business pays for the products(or for any part of the products) it sells
Creditors Indivduals or businesses to whom a business owes money or from whom it wants to borrow money
Demand The quantity of a good or services 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 Acomplishing a task with a minimun expenditure of time and effort
Expenses The money that 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 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 to maximize return and meet customers' perceptions of value
Private enterprise system An economic system which individuals and groups, rather than the goverment, own or control the means of productin-the human and natural resource 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
Resources items that are used to acocomplish another activity, such as producing/providing goods and services
Risk The possilbility of loss or failure
Suppliers Vendors; businesses from which other businesses buy goods or services
Taxes
Created by: user-2021320
Popular Business sets

 

 



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