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25 Terms
1
Business
Any activity that seeks to provide goods and services to others while operating at a profit.
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2
Goods
Tangible products such as computers, food, clothing, cars, and appliances.
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3
Services
Intangible products that cannot be held in your hand, such as education, health care, insurance, recreation, and travel.
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4
Entrepreneur
A person who risks time and money to start and manage a business.
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5
Revenue
Total amount of money a business takes in during a given period by selling goods and services.
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6
Profit
Amount of money a business earns above and beyond what it spends for salaries and other expenses.
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7
Loss
When a business's expenses are greater than its revenues.
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8
Risk
The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
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9
Standard of Living
The amount of goods and services people can buy with the money they have.
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10
Quality of Life
The general well-being of a society in terms of political freedom, natural environment, education, health care, safety, and leisure.
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11
Stakeholders
All the people who stand to gain or lose by the policies and activities of a business.
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12
Outsourcing
Contracting with other companies to perform functions of a firm, such as production or accounting.
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13
Socialism
An economic system based on the premise that some basic businesses should be owned by the government to ensure evenly distributed profits.
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14
Capitalism
An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.
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15
Macroeconomics
The part of economics study that looks at the operation of a nation's economy as a whole.
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16
Microeconomics
The part of economics study that looks at the behavior of people and organizations in particular markets.
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17
Inflation
A general rise in the prices of goods and services over time.
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18
Trade Surplus
When the value of a country's exports exceeds that of its imports.
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19
Trade Deficit
When the value of a country's imports exceeds that of its exports.
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20
Franchise
An arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory.
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21
Cooperative
A business owned and controlled by the people who use it, all benefiting from pooled resources.
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22
Intrapreneur
Creative individuals who work as entrepreneurs within a larger corporation, using its resources to launch new products.
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23
SWOT Analysis
A planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.
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24
Merger
The result of two firms forming one company.
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25
Acquisition
One company's purchase of the property and obligations of another company.
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