A Business can be defined as the organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals' needs and wants. •
A product is a good or service that can be bought or sold. •
Goods are items that can be seen or touched.
Services are things done for you by others.
A finished product is one that is ready for customers to buy and use. •
Production refers to those activities undertaken by the business that combine the resources to create products that satisfy customers' needs and wants. •
Revenue is the money a business receives as payment for its products. •
Operating expenses are all the costs of running the business except the cost of goods sold. •
Profit is what remains after all business expenses have been deducted from sales revenue. •
Risk refers to the possibility of loss.
Income is money received by a person for providing his or her labour, or a business from a return on its investments. •
A wage is money received by workers, usually on a weekly basis, for services they provide to an employer. •
A salary is a fixed amount of money paid on a regular basis, usually fortnightly, or monthly, to a permanent employee of a business. •
A dividend is part of a business's profit that is divided among shareholders. •
Shareholders are people who are part owners of a company because they own a number of shares. •
Choice is the act of selecting among alternatives.
Innovation is an improvement on something already established. •
An invention is the development of something new.
Research and development is a set of activities undertaken to improve existing products and improve production. •
An entrepreneur is someone who starts, operates and assumes the risk of a business venture in hope to make a profit. •
Quality of life refers to the overall wellbeing of an individual, and is a combination of both materials and non-material benefits. •
Market business's refers to the business's share of the total industry sales for a particular product. •
A transnational corporation is a company that has branched in many different countries. •
A micro business employs fewer than five people including the owner. •
Geographical spread is the presence of a business and the range of it’s products across a suburb, town , city, state, or country or the globe. •
A local business has a very restricted geographical spread; it serves the surrounding area. •
A national business is one that operates within just one country. •
A global business commonly referred to as transnational corporation, is a business with a home base in one country that operates partially owned or wholly owned businesses in other countries. •
e-commerce is buying and selling of info and products via the internet. •
Primary industry includes all those businesses in which production id=s directly associated with natural resources. •
Secondary industry involves taking a raw material and making it into a semi-finished or finished product. •
Tertiary industry performing a service for other people. •
Quaternary industry includes services that involve the transfer of and processing of info and knowledge. •
Quinary industry includes all services that have traditionally been performed in the home. •
Incorporated refers to the process companies go through to become a separate legal entity from the owners. •
A sole trader is a business that is owned and operated by one person only. •
Unlimited Liability occurs when the business owner is personally responsible for all the debts of his/her business. •
Al business structure that is owned and operated by between two and 20 people with the aim of making a profit. •
Incorporation is the process that companies go through to become incorporated. •
Limited Liability is a feature of corporate ownership that limits each owner's financial liability to the amount of money he/she has paid for the business's shares. •
A proprietary (private) company is an incorporated business and...
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