Nature Of Business Flashcards
What remains after all business expenses have been deducted from sales revenue
Profit
Business’s important role to be able to earn money and also for the person to purchase their own products from other businesses
Employment
Money received by a person for providing his or her labour or a business from a return on its investments, this can be through wages, salaries or rewards.
Income
The act of selecting among alternatives. Businesses usually offer a range of products as this will increase profits in the long term
Choice
An improvement on something already established
Innovations
Someone who starts, operates and assumed the risk of a business venture in the hope of making a profit
Entrepreneur
Why do entrepreneurs take risks?
They take risks because they believe they will reap a reward of some kind.
A business that receives money from its customers in exchange for its products. At the same time it must also pay out money to other businesses to cover operating expenses.
Wealth creation
Overall wellbeing of an individual, and is a combination of both material and non-material benefits
Quality of life
Goods and services
Providing goods and services to be sold to individuals or another business
