Definitions Flashcards
Product
a good or service that can be bought
Service
things done for you buy others
Good
items that can be seen or touched
Business
the organised effort of individuals to produce and sell for a profit, the products that satisfy individuals’ needs and wants
Finished product
a product that is ready for customers to buy and use
Production
activities undertaken by the business that combine the resources to create products that satisfy customers’ needs and wants
Entrepreneurship
the ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit
Risk
the possibility of loss
Innovation
process of creating a new or significantly improved product, service or process
Invention
development of something that is totally new
Patent
legal protection for the exclusive right to commercially exploit an invention
Choice
act of selecting among alternatives
Income
money received by a person for providing their labour or a business from a return on its investments
Wage
money received by workers, usually on a weekly basis for services they provide to an employer
Salary
fixed amount of money plaid on a regular basis (usually fortnightly or monthly) to a permanent employee of a business
