Basics
Items that can be seen and touched.
good
Refers to the possibility of loss when you invest in a Business.
risk
The ability of the business to offer products or services that meet or exceed market standards in relation to other businesses
Competitiveness
The act of selecting among various alternatives.
choice
A business that employs fewer than five people (including the owner).
micro business (small business)
A good or service that can be bought or sold.
Product
What remains after all business expenses have been deducted from sales revenue.
profit
Actual and potential customers whose needs and wants a business wishes to satisfy
The Target Market
The development of something new to satisfy a need.
invention
The final stage of the Business Life Cycle where a business operation becomes smooth, predictable and reliable
Maturity
The organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals needs and wants.
business
Money received by a person for providing his or her labour, or a business from a return on its investments.
income
A fixed amount of money paid on a regular basis, usually fortnightly or monthly, to a permanent employee of a business.
salary
An improvement on something already established.
innovation
the process of planning and executing the conception, pricing, promotion and distribution of your ideas, goods or services.
Marketing
Things done for you by others.
services
All the costs of running the business except the cost of goods sold.
operating costs
People who are part owners of a company because they own a number of shares in that company.
shareholders
A set of activities undertaken to improve existing products, create new products and improve production.
Research & Development (R&D)
A company that has branches in many different countries.
Multinational Corporation - MNC
A product that is ready for customers to buy and use.
finished product
The money a business receives as payment for its products.
revenue
Activities undertaken by the Business that combine the resources to create products.
production
Someone who starts, operates and assumes the risk of a business venture in the hope of making a profit.
entrepreneur
Refers to the business’s share of the total industry sales for a particular product.
market share