TLE - TermTest

______________________________ is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

ENTREPRENEURSHIP

____________________ is any person who has the capacity and willingness to develop and manage a business to earn money.

ENTREPRENEUR

These are results of different materials made, grown, processed and innovated into something sold or used. Also, these are tangible goods that can be seen, touched, smelled and tasted like food, clothing, accessories and many more.

Products

These are paid functions provided by experts or professionals that are available as entrepreneurial activities.

Services

These are products useful over long periods of time and are expensive because of the quality of their materials.

Durable Goods

These are products that are easily consumed or worn out, become unfashionable, and may no longer be popular.

Non - Durable Goods

This means that services cannot be touched, transported, packaged or tested before buying. Just the genuine credibility of the service product is important.

Intangible

This means that services cannot be stored for future use. Here, only the skill of the provider is important to better serve the clients.

Perishable

This means that the services provided cannot be separated from the person who offers it.

Inseperable

This means that services are difficult to standardize because each service provider has varied performance.

Variability

A written document that describes an idea for a product or service and how it will make money.

Business Plan

The sum of wages paid to employees.

Labor Cost

The cost of materials used to manufacture the products.

Material Cost

The percentage of amount added to the price of products to cover the profit.

Markup

The amount added to the price of products (Profit for each product).

Markup Price

A markup higher than 15% is considered “Profiteering”. 

Selling Price