Economics and Business Flashcards
Producers
an individual or business involved in the production of goods and services
Consumers
a person or group who is the final user of goods and services produced within an economy
Employees
people who work for a wage or salary
Needs
goods or services that consumers consider necessary to maintain their standard of living
Wants
goods or services that are desired in order to provide satisfaction to the user, but which are not necessary for survival or to meet the basic standard of living in a community
Goods
physical items that satisfy needs and wants
Services
actions done for you by others to satisfy your needs and wants
Labour
the human skills and effort required to produce goods and services
Wellbeing
an overall measure of quality of life
Profit
what remains after all business expenses have been deducted from the money that has been collected from selling goods or services
percentage mark-up
a way of determining selling price by adding a fixed percentage to the cost of the product
Quote
an estimate of the costs involved in an individual job, plus a certain amount so the business makes a profit
Entrepreneur
a person who takes on a risk by starting a business with an idea, hoping to make a profit through initiative and enterprise
niche market
a market in which a limited and clearly defined range of products is sold to a specific group
target market
a market at which a product is deliberately aimed
Vision
a statement expressing where a business is going or what it will be like
Initiative
the first step or opening move in a series of actions
Organisation
an entity formed for a specific purpose, usually related to the production or provision of a good or service
Innovation
either adding a new product to an existing product line, or significantly improving an existing product or process
Enterprise
the creative or bold efforts made by someone to achieve something new
passing trade
the sales a business makes as a result of customers walking or driving past the store
