business
The organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals needs and wants.
what is a business
Refers to those activities undertaken by the business that combine the resources to create products that satisfy customer’s needs and wants.
What is production
Part of a business’s profit that is divided among shareholders.
What is a dividend
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
The act of selecting among alternatives.
What is choice
An improvement on something already established.
What is innovation
A good or service that can be bought or sold.
What is a product
Money received by a person for providing his or her labour, or a business from a return on its investments.
what is income
Refers to the possibility of loss.
what is risk
The development of something new.
What is an invention
The money a business receives as payment for its products
What is revenue
Money received by workers, usually on a weekly basis, for services they provide to an employer.
What are wages
Items that can be seen and touched.
What is a goods
All the costs of running the business except the cost of goods sold.
What is operating expenses
A set of activities undertaken to improve existing products, create new products and improve production.
What is research and developement
Someone who starts, operates and assumes the risk of a business venture in the hope of making a profit.
What is an entrepreneur
refers to the business’s share of the total industry sales for a particular product.
What is market share
People who are part owners of a company because they own a number of shares.
What are shareholders
Things done for you by others.
What is a service
A company that has branches in many different countries.
What is a Transnational (Multinational) Corporation (TNC)
The presence of a business and the range of its products across a suburb, city, state, or country or the globe.
What is gepgraphical spread
A business that employs fewer than five people (including the owner).
What is a micro business
What remains after all business expenses have been deducted from sales revenue
What is profit
Refers to the overall wellbeing of an individual, and is a combination of both material and non-material benefits.
What is quality of life
A product that is ready for customers to buy and use.
What is a finished product