1.01 vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Profit | money that remains in the buisness has paid for the expenses
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Profit motive | persons incinitive to work to gain something for him/herself (make money)
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Competiton | contests between buisness to win customers buisness and loyalty
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Needs | items nessasary for existance such as clothing, food, and shelter.
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Wants | items that would be nice to have but are not nessasary
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Consumers | a person who uses goods or services many times the consumer is also the purchaser
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Goods | items buisness sell that can be physically weighed or measured.
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Services | tasks that buisness perform or provide for customers such as hair cuts and car washes
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Sole proprietorship | a buisness owned by only one person
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Partnership | a buisness owned by two or more people
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Franchise | a contract between a parent company and a franchise to use the name and sell the goods
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Non - profit organization | a buisness whose goal is to provide a service rather than to make a profit.
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Corporation | buisenesess considered seprate from the buisness by law
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Multinational corporation | company that has buisness facilities in many countries
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Accounting | process of recording the financial data
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Management | Process of leading and directing all are part of an organization
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Marketing | process of directing and promoting and presenting the product to the consumers
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Information technology | process of developing installing and implementing computer information
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Operations | the activities involved in the day to day running of the buisness
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Human resources | the activities that deal with the hiring, and the firing training and other personnell
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Manufacturing | process of making finished products out of raw materials
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Demand | the amount of a good service that the consumers would want to purchase
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Supply | how much producers are willing to give and able to sell at a willing price
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loss | when your expenses exceed your profit
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surplus | overstock or overage
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resources | anything that is useful and that can satisfy any wants
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Choice | the process by which people decide how to use the scarce resources
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Oppurtunity cost | what must be given up when desicions are made to use scarce productive resources.
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Or sort by any of the columns using the down arrow next to any column heading.
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Created by:
DestinyRenee
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