Introduction to Business Key Terms- Defined – Flashcards
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wants
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Things you wish you could have
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needs
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Items necessary for existence, such as clothing, food, and shelter.
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profit
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Money that remains after a business had paid for the expenses of running the business
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consumer
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A person who uses goods or services. Many times the consumer is also the customer (purchaser).
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goods
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Items businesses sell that can be physically weighed or measured, such as iPods and CDs.
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services
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Tasks that businesses perform or provide for customers, such as hair cuts and car washes
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competition
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Contest between businesses to win customer's business and loyalty.
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profit motive
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A person incentive to work to gain something for himself or herself (that is to make money).
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sole proprietorship
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A business owned by only one person.
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partnership
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A business owned by two or more people.
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Franchise
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a contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.
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non-profit organization
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A business whose goal is to provide a service rather than to make the profit, such as the American Red Cross.
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corporation
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A business considered separate from the owners of the business by law. The owners are the stockholders.
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multinational corporation
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A company that does business and has business facilities in many countries, such as Coca Cola.
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accounting
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The process of recording and reporting the financial data for a business.
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management
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The process of leading and directing all or part of an organization.
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marketing
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The process of creating, promoting, and presenting a product to the consumers.
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information technology
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The process of developing, installing, and implementing computer information systems and applications. IT includes the support and maintenance of computer hardware and software.
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operations
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The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.
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human resources
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The activities that deal with the hiring, firing, training and other personnel (employee) issues.
