Business Terms Flashcards
Barter
The exchange of one thing for another without the use of money
Labour
People’s physical and mental contribution to the creation of goods and services
Market
Any situation that brings together the sellers and buyers of goods or services either directly or indirectly
Entrepreneur
A person who undertakes the risks involved in establishing and running a business in the hope of making a profit
Entrepreneurship
The act or process of managing a business enterprise
Capital
The money or assets used to start and operate a business
Marketing
All the processes involving promoting and selling goods or services.
Producer
People who supply raw materials to manufacturers who create an end product
What is a consumer?
The purchaser of goods or services
Specialization
Concentration on providing particular types of goods or services
Organization
The act of organising to form different components or individuals into a structure or a purpose
Customer
Those who buy their goods and services
Economy
The system within a country that determines the production, exchange and consumption of goods and services
Goods
Tangible products
Supplier
Somebody who supplies goods and services to businesses
Trade
The exchange of surplus goods
Service
An intangible product
Profit
The surplus after all costs of a business have been deducted from total sales
Loss
When a business has more expenses than earnings
Employee
A person who has agreed to be employed to work for a form of payment under a contract of employment
Enterprise
Taking of risks in establishing a business
Organization
A social arrangement that pursues goals such as the production of goods and services
Exchange
The voluntary trade of goods and services
What are free goods
Available to all without charge. They are gifts of nature.
