Vocab Terms

Goods: are tangible items manufactured by businesses, such as laptops

Services: are intangible offerings of businesses that can’t be held, touched, or stored. (Physicians, lawyers, hairstylists, car washes, and airlines all provide services)

Standard of living: of any country is measured by the output of goods and services people can buy with the money they have.

Quality of Life: refers to the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time.

Risk: is the potential to lose time and money or otherwise not be able to accomplish an organization’s goals\

Revenue: is the money a company receives by providing services or selling goods to customers

Cost: are expenses for rent, salaries, supplies, transportation, and many other items that a company incurs from creating and selling goods and services