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BBI2O1- 1.1 Vocab

Introduction to Business: Unit 1, Chapter 1 Economic Basics

TermDefinition
PROFIT The income that is left after all the costs and expenses are paid.
EXPENSES Expenditures that are involved in running a business.
SOLVENCY The ability to pay your debts and meet financial obligations.
NON-PROFIT ORGANIZATION An organization that does not seek profit as it's primary motive, but instead raises funds for a specific goal.
(SMB) SMALL/MEDIUM-SIXED BUSINESSES Any business that employs fewer than 500 people.
GOODS An item that can be seen and touched.
SERVICES Assistance provided usually in return for payment, that satisfies needs and wants of people or businesses but that does not result in a product that can be touched.
PRODUCERS Businesses that make goods or provide services.
CONSUMERS People who use goods and services however, do not necessarily buy them.
CUSTOMERS People who buy goods and services however, do not necessarily use them. Patrons of a particular store or business.
MARKETPLACE Any location where producers and consumers come together to engage in the buying or selling of goods and services.
COMPETITION A situation in which two or more businesses try to sell the same type of product or service to the same customer.
OBSOLETE Goods that people no longer want that new or improved goods have replaced.
PRICING POWER When businesses are in control and can charge high prices and raise prices when costs go up.
CONSUMER PURCHASING POWER When consumers have the power to choose where they will buy goods and services, and how much they will pay for them.
ENTREPRENEURS People that take risks in order to become a professional/expert in all aspects of their own business. They are essentially the boss of their own business.
NEEDS Goods or services that are always in demand as necessities essential to life for all consumers. "An item necessary for survival-food, clothing, shelter, water."
WANTS Goods or services that are not necessary to consumer survival but add comfort and pleasure.
REVENUE The money a business recieves for the products and/or services it sells or from it's investments. CALCULATED BY: Revenue= #'s Sold x Price, Profit= Revenue-Expenses
INVENTORY Sometimes reffered to as stock or supply, is the quantity of goods and materials kept on hand.
ECONOMIC RESOURCES (Factors of Production) The means through which goods and services are made available to customers.
ECONOMIC SYSTEMS The way businesses and governments work together to provide goods and services to consumers.
NATURAL RESOURCES Materials that come from the Earth; water and air.
HUMAN RESOURCES The people who work to create goods and services.
CAPITAL RESOURCES A resource such as equipment, a building, or money that is used to produce goods and services.
INTERDEPENDENCE The relationship/ correlation between two business's reliance on one another as providers of their goods and services.
DEMAND The quantity of a good or service that consumers are willing and able to buy at a particular date.
LAW OF DEMAND The relationship between fluctuating prices and demand. This is an inverse relationship.
SUPPLY The quantity of a good or service that businesses are willing and able to provide within a range of prices that people would be willing to pay.
LAW OF SUPPLY The relationship of the increase of the quantity of goods or products supplied as a direct result of prices increasing.
Created by: ShirleyT