This document provides definitions for 37 business and economic terms, including:
- Economy, economics, supply, demand, price, business, business ethics, and consumer.
- Producer, interview, business writing, and social responsibility.
- Sole proprietorship, partnership, corporation, and entrepreneurship.
- Business plan, management, marketing, and business negotiation.
- Product, wholesaling, retailing, advertising media, and statistics.
- Accounting, bookkeeping, balance sheet, securities, and insurance.
This document provides definitions for 37 business and economic terms, including:
- Economy, economics, supply, demand, price, business, business ethics, and consumer.
- Producer, interview, business writing, and social responsibility.
- Sole proprietorship, partnership, corporation, and entrepreneurship.
- Business plan, management, marketing, and business negotiation.
- Product, wholesaling, retailing, advertising media, and statistics.
- Accounting, bookkeeping, balance sheet, securities, and insurance.
This document provides definitions for 37 business and economic terms, including:
- Economy, economics, supply, demand, price, business, business ethics, and consumer.
- Producer, interview, business writing, and social responsibility.
- Sole proprietorship, partnership, corporation, and entrepreneurship.
- Business plan, management, marketing, and business negotiation.
- Product, wholesaling, retailing, advertising media, and statistics.
- Accounting, bookkeeping, balance sheet, securities, and insurance.
1. Economy: the system through which a society answers the three
economic questions- what, how and for whom.
2. Economics: the study of how wealth is created and distributed.
3. Supply: the quantity of a product that produccers are willing to sell at cach of various prices. 4. Demand: the quantity of a product that buyers are willing to purchase at each of various prices. 5. Price: the amount of money that a seller is willing to accept in exchange for a product, at a given time and under given circumstances. 6. Business: the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy societys needs. 7. Business ethics: the application of moral standards tu business situation. 8. Consumer: individuals who purchase goods or services for their own personal use rather than to resell them. 9. Producer: a person who creates economic value, or produces goods and services. 10.Interview: a formal meeting in which one or more persons question, consult, or evaluate another person. 11.Business writing: is a conventional communication from an administration to its clients, the common public for their selective information, a different company or the agencies. 12.Social responsibility: the recognition that business activities have an impact on society, and the consideration of that impact in business decision making. 13.Sole proprietorship: a bussines that is owned by one person. 14.Partnership: an association of two or more persons to act as coowners of a business for profit. 15.Corporation: an artificial person created by law, with most of legal rights of a real person, including tha right to start and operate a business, to own or dispose of property, to borrow money, to sue or be sued and to enter into binding contracts. 16.Entrepreneurship: the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. 17.Business plan: a carefully constructed guide for the person strating ones own business. 18.Management: the process of coordinating the resources of an organization to achieve the primary goals of the organization. 19.Marketing: the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
20.Business negotiation: the act of discussing an issue between two or
more parties with competing interests with an aim of coming to an agreement. 21.Product: everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits; it may be a good service or idea. 22.Wholesaling: the sale and distribution of goods to users other than end consumers. 23.Retailing: commercial transaction in which a buyer intends to consume the good or service through personal, family, or household use. 24.Andvertising Media: the various form of communication through which advertising reaches its clients. 25.Statistics: branch of mathematics concerned with collection, classification, analysis, and interpretation of numerical facts, for drawing inferences on the basis of their quantifiable likelihood (probability). 26.Accounting: the process of systematically collecting, analyzing and reporting financial information. 27.Bookkeeping: the routine, day to day record keeping that is a necessary part of accounting. 28.Balance sheet: a summary of a firms assets, liabilities, and owners equity accounts at a particular time, showing the various dollar amounts that enter into the accounting aquation. 29.Securities: a financial instrument that represents: an ownership position in a publicly-traded corporation (stock), a creditor relationship with governmental body or a corporation (bond), or rights to ownership as represented by an option. 30.Insurance: the protection against loss that is afforded by the purchase of an insurance policy. 31.Risk: the possibility that a loss or injury will occur. 32.Business law: encompasses the law governing contracts, sales, commercial paper, agency and employment law, business organizations, property, and bailments. 33.Good: a commodity, or a physical, tangible item that satisfies some human want or need, or something that people find useful or desirable and make an effort to acquire it. 34.Computer: an electronic machine that can accept, store, manipulate, and transmit data in accordance with a set of specific instructions. 35.Share: a unit of ownership interest in a corporation or financial asset.
36.Bond: a bond is a debt investment in which an investor loans money
to an entity which borrows the funds for a defined period of time at a variable or fixed interest rate. 37.Shareholder: Any person, company or other institution that owns at least one share of a companys stock. Shareholders are a company's owners.