Basic Business
What is a profit?
Money earned; "pocketed"
Why is the relationship between buyer and seller important in business?
It forms the foundation of all transactions.
The usa is best classified as which type of economy?
Mixed.
What does COGS stand for?
Cost of goods sold?
What is a goods-based business?
What does communism aim for in a society.
No classes, no money, and distribution based on need.
What is revenue?
Money collected.
What is a non-profit business?
A business where profits must be reinvested into the organization.
What is inflation?
A general increase in price over time, reducing purchasing power.
What are expenses?
All operation cost, like rent and salaries.
What does consumer price index track price change in?
Wholesale materials only.
What do business solve?
A problem.
It keeps businesses competitive and relevent.
What does price elasticity measure?
How sensitive demand is to a change in price.