A
A person who starts and runs a business.
Entrepreneur.
Money a business earns from sales.
Revenue
Businesses and markets becoming interconnected worldwide.
Globalization
When expenses are greater than revenue.
Loss
Creating something new or improving something that already exists.
Innovation
Creating a unique identity for a product or company.
Branding
The money left after expenses are subtracted from revenue.
Profit
People or groups affected by a company’s actions (e.g., employees, customers, investors).
Stakeholders
Something valuable owned by a business (like equipment or buildings).
Asset
How easily an asset can be converted into cash.
Liquidity
Hiring another company to do part of the work instead of doing it in-house.
Outsourcing
The steps involved in producing and delivering a product.
Supply Chain
When one company buys another.
Acquisition
Money or assets used to start or grow a business.
Capital
When two companies combine to form one.
Merger
Spreading investments across different areas to reduce risk.
Diversification
Principles that guide right and wrong behaviour in business.
Ethics
When companies consider social and environmental impacts in decisions
Corporate Social Responsibility (CSR)
Dividing consumers into groups based on needs/characteristics.
Market Segmentation
When one company buys another.
Acquisition
Cost advantages gained when production becomes more efficient as it grows.
Economies of Scale
A small, specialized segment of the market.
Niche Market
Deal between countries to promote trade.
Trade Agreement
The value of one currency compared to another
Exchange Rate
Being open and honest in business practices.
Transparency