General Business Vocab
An organization that produces or distributes goods or services that satisfy the needs of society
Business
A person who purchases goods and/or services for personal use
Customer/Consumer
Something of value owned by a firm, household, or individual; what the company owns
Asset
A newly established business
Start-up
People who take risks to start a business
Entrepreneurs
The income that is left after all expenses are paid
Profit
Product, Price, Place, Promotion
Four P's of Marketing
The costs of the items or services used in the routine operation of a business
Expenses
A person that puts money into a project or small business, with the hope of eventually receiving profit
Investor
Trading or exchanging one item for another
Barter
Goods or services that can be added to something else in order to make it more useful, versatile, or attractive
Accessories
A specific paid form of non-personal presentation of ideas, goods, or services
Advertisement
A record of a debit/credit transaction of a certain item or business
Accounts
Wealth or assets available to invest in a project or business
Capital
A place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services
Market
Products that are similar are in ________ ______________ with each other; there are not many difference between the products
Direct Competition
No-name brand that is not advertised, and is sold at a price substantially lower than the comparable branded
Generic brand
A document that can provide evidence that a certain transaction has taken place
Financial documents or source documents
To propose a business idea, usually with the goal of obtaining a contract or funding
Pitch
Business Cycle
A competition between products or services that are not directly related to each other
Indirect Competition
Used to map the lifespan of a product. There are generally four stages in the life of a product. These four stages are the Introduction stage, the Growth stage, the Maturity stage, and the Decline stage
Product Life Cycle
A financial statement that lists assets, liabilities, and owner's equity as at a specific date
Guess either one of these:
1. The exclusive legal right to use and reproduce literary, artistic, or musical material
2. Authorization or license granted to an inventor that prevents others from making, using, or selling their invention
1. Copyright
2. Patent
A process whereby one company combines with or takes over ownership of one (or more) other company(ies)
Merger