Vocabulary
Random Business 1
Terms
Business & Economics
Random Business 2
100
A form of business organization defined as an association of two or more persons operating as co-owners.
What is partnership?
100

things that are required in order to live

What is Needs?

100
the state of being responsible for something
What is liability?
100
The primary goal of all businesses
What is to earn profit
100

the money left from sales after all of the costs of operating a business have been paid


What is profit?

200
Two companies combining to form a new company.
What is a merger?
200

things that add comfort and pleasure to your life


What is wants?

200
The process of dealing with or controlling things or people
What is management?
200
A good or service with tangible and intangible characteristics that provides satisfaction and benefits.
What is a product
200

a person who buys and uses goods and services. they decide what to buy, where to buy, from whom to buy, and what price they are willing to pay.


What is consumer

300

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. (someone who starts or owns a business)

What is a entrepreneur?

300

things that you can see and touch. These are products you can purchase to meet your wants and needs

items, articles, products or commodities that customers purchase from companies


What is goods?

300
The sale of goods and services to foreign markets
What is exporting?
300
The study of how resources are distributed for the production of goods and services within a social system
What is economics
300

List 2 functions of a manager in a business. What are some of the responsibilities of a manger?

What is planning, organizing, controlling, and leading?

400

A detailed document that outlines a company's goals, strategies, and financial projections, providing a comprehensive overview of the business including its products or services, target market, competition, and marketing and sales strategies to achieve its vision; essentially acting as a roadmap for the company's future operations

What is a business plan?

400

the total amount of money being transferred into and out of a business

What is cash flow?

400
Being able to interact in the workplace.
What is communication?
400

 the department that manages an organization's employees and supports compliance efforts

What is Human Resources?

400

The set of moral principles and values that guide the conduct of individuals and organizations within the business world, encompassing aspects like honesty, integrity, fairness, and social responsibility, ensuring companies operate ethically in their dealings with customers, employees, and stakeholders.

What is business ethics

500
Rivalry among businesses.
What is competition?
500

not having enough resources to satisfy every need


What is scarcity?

500

A _ _ _ _   _ _ _ _ _ _ _ _ _ _ _ _  is a business that is owned and run by one person, with no legal distinction between the owner and the business. The owner is responsible for all aspects of the business, including debts, losses, and liabilities.

What is sole proprietorship?

500

Activites that are consumed at the same time they are produced. These are intangiable and have no physical characteristics.

What is services?

500

A set of guidelines that establish ethical principles and standards of behavior for a particular profession or group  

What is the company's code of ethics

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