Basic Business Terms
Cost of Goods Sold
COGS
Based on customs, beliefs, and historical patterns, often using bartering and subsistence farming.
Traditional Economy
The cost required for something; the money spent on something.
Expenses
The government controls all economic activity, deciding what to produce, how much, and for whom.
Command Economy
Income, especially when of a company or organization and of a substantial nature.
Revenue
Economic decisions are made by individuals and private businesses, driven by supply and demand.
Market Economy
Tangible items, products, or resources that satisfy human wants, provide utility, and are scarce
Goods
A blend of market and command systems, incorporating private enterprise with government regulation and social programs.
Mixed Economy
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Profit