bus ch1 Flashcards
business
the organised effort of a group of individuals to produce and sell, for a profit, the products that satisfy individual’s wants and needs.
revenue
the money a business receives as payment for its products
innovation
an improvement on something already established
shareholders
people who are part owners of a company because they own a number of shares
entrpeneur
someone who starts,operates and assumes the risk of business venture in the hope of making a profit
research and development
a set of activities undertaken to improve existing products, create new products and improve production
finished product
one that is ready for customers to buy and use
operating expenses
all the costs of running a business except the costs of goods sold
quality of life
the well-being of an individual, that is a combination of both material and non material benefits
income
money received by a person providing his or her labour, or a business from return on its investments
risk
the possibility of loss
product
a good or service that can be bought or sold
invention
the development of something new
profit
what remains after all business expenses have been deducted from sales revenue
wage
money received by workers, usually on a weekly basis, for services they provide to an employer