What is a business? 1.1

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Last updated 5:19 PM on 8/22/26
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11 Terms

1
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Organization

structured group of ppl formed to achieve common goal

2
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business

organization that produces/purchases goods/services and sells for profit (operate local/global, serve physical/virtual)

3
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customer

BUYER of good/service

4
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consumer

USER of good/service

5
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Market opportunities

business identify problem, then develop good/service to solve

6
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Problem-solution fit

match between product and specific problems

7
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Value

Worth assigned to product based on fit w customers needs/wants

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Value creation

Business offers product that solves problems

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Value capture

Charging customers price that exceeds producing cost

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revenue

total money received from selling goods/services

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profit equation

revenue - expenses = profit