1
Something that is owed by and individual or business
What is a LIABILITY
The amount of goods that consumers want
What is DEMAND
A product that is desired but can be lived without
What is a WANT
Anything that a company owns
What is an ASSET
The performance of a particular task in exchange for money
What is SERVICE
Anything that can be bought or sold to meet a customer's want or need
What is a PRODUCT
The amount of goods that are available to consumers
What is SUPPLY
The value of a business determined by assets minus liabilities
What is NET WORTH
Tangible item that is produced and sold to consumers
What is a GOOD
Entrepreneur's research into comsumer preferences
What is MARKET RESEARCH
The aspects of making, selling, and providing products in exchange for money.
What is a BUSINESS
Four forms of operational activities that play necessary roles in running a business, including finance, production, marketing, and management
What is BUSINESS FUNCTION
The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources
What is ECONOMICS
A mandatory payment to local, state, or national government for public services
What is TAX
The financial gain calculated by the difference between amount earned and amount spent by a business
What is PROFIT
A product essential to survival
What is a NEED
A company's plan for making a profit
What is a BUSINESS MODEL