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Ch 1
Ch 1
Ch 1
Ch 1
Ch 1
100
can be defined at the organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals, needs and wants.
What is a business
100
refers to those activities undertaken by the business that combine the resources to create products that satisfy customers' needs and wants.
What is Production
100
refers to the possibility of loss
What is Risk?
100
is part of a businesses profit that is divided among shareholders.
What is A dividend?
200
is a good or service that can be bought or sold.
What is a product
200
money received by a person for providing his or her labour, or a business from a return on its investments.
What is Income
200
is the act of selecting among alternatives
What is a choice?
200
someone who starts, operates and assumes risk of a business venture in the hope of making a profit
What is an Entrepreneur?
300
items that can be seen or touched.
What are goods?
300
the money a business receives as payment for its products.
What is Revenue
300
money received by workers, usually on a weekly basis for services they provide to an employer.
What is a wage?
300
an improvement on something already established.
What is Innovation?
300
the overall wellbeing of an individual, and is a combination of both material and non- material benefits.
What is Quality of Life?
400
things done for you by others.
What are services
400
all the cost of running the business except the cost of goods sold
What are operating expenses?
400
a fixed amount of money paid on a regular basis, usually fortnightly or monthly, to a permanent employee of a business.
What is A salary
400
is the development of something new
What is an Invention?
400
refers to the businesses' share of the total industry sales for a particular product.
What is market share?
500
one that is ready for customers to buy and use
What is a finished product?
500
what remain after all business expenses have been deducted from the sales revenue.
What is a profit?
500
people who are part owners of a company because they own a number of shares.
What are shareholders
500
a set of activities undertaken to improve existing products, create new products and improve production.
What is Research and Development (R & D) ?
500
a company that branches in many different countries.
What is a Transnational (multinational) corporation?