Business Terms
The difference between what it costs to make and sell a product and what a customer pays for it.
What is profit?
A continuing rise in prices and can decrease the value of the dollar.
What is inflation?
This department includes all activities concerning obtaining money and how to use it.
What is finance?
This department includes accountants, stockbrokers, and bankers.
What is finance?
What is price?
The level of wealth and material comfort that people have available to them
What is Standard of Living?
Individuals own and operate the majority of businesses that provide goods and services under this economic structure.
What is capitalism?
The type of business that meets the needs of the local community in addition to earning profits.
What is a nonprofit?
Human workers distributed in an economy.
What is labor?
McDonald's creates an advertisement for their new sandwiches on 95.
What is promotion?
This is the study of how resources are distributed for the production of goods and services within society
What is economics?
A decline in production, employment and income
What is a recession?
This department includes all the activities designed to provide goods and services that satisfy consumers’ needs and wants
What is marketing?
Groups of people who have an interest in the success and outcome of a business
Who are stakeholders?
Whirlpool develops a new microwave with bluetooth capabilities.
What is product?
The rivalry among businesses for consumers’ dollars that keeps prices low.
What is competition?
A percentage of the population wants to work but is unable to find jobs.
What is unemployment?
The department in charge of organizing, leading and acquiring resources including additional labor and capital
What is management?
This department conducts research to determine what customers want and what products should be sold at a given price
What is marketing?
When driving by Franklin Towne Charter High School, you see their sign from the road.
What is promotion?
The sum of all goods and services produced in a country during a given year
What is Gross Domestic Product/GDP?
Occurs when an economy is growing, and people are spending money
What is economic expansion?
This is the primary goal of business.
What is to earn a profit by providing products and services that satisfy people’s needs?
An individual who risks their wealth, time, and effort to develop a product or business that makes them money.
What is an entrepreneur?
Coke has to decide which stores to sell their product at.
What is place/distribution?