| A | B |
|---|
| Capital | Buildings, equipment, tools and other goods needed to produce a product, or the money used to purchase these items. |
| R.O.I | Return On Investment |
| Monopoly | A market that has one producer, and has no competition. A company that has a monopoly is able to charge higher prices because consumers have nowhere else to go. |
| Importing | Buying goods from other countries to sell in your own country. |
| Feasibility Analysis | The process used to to test a business concept. |
| Profit | The money left over after all the expenses of a business have been deducted from the income. |
| Equilibrium | Point at which supply equals demand, neither leaving a surplus or a shortage. |
| Scarcity | When demand is higher than supply. It allows businesses to increase prices. |
| Demand | The quantity of goods or services that consumers are willing and able to buy. |
| Franchise | Legal agreement to market a company's products or services in a particular area. |
| Entrepreneurship | The process of getting into and operating one's own business. |
| Exporting | Making goods in your own country and sending them to other countries. |
| Competition | When several businesses strive for the same customer or market. |
| Consumer Product Safety Commission | Watchdog for consumers over products that may be hazardous. |
| Equal Employment Opportunity Commission | Protects the rights of employees age, race, color or national origin, religion, gender, or physical challenge. |
| Fair Labors Standard Act | Minimum wage and maximum working hours are identified. Children under 16 can't work full-time except if employed by parents. |
| Occupational Safety & Health Act (OHSA) | Ensures safe and healthy working conditions for employees. |
| Fair Packaging & Labeling Act | Requires manufacturers truthfully label products, showing all raw materials used in the production process. |
| Target Market | The specific market segment where all of a business's activities are directed. |
| Demographics | Statistical data that descvribes a given market by criteria such as age, gender, and income. |
| Psychographics | Statistical data that describes a given market by criteria such as personality, opinions, and lifestyle. |
| Geographics | Study of the market based on where customers live by region, state, city, and/or area. |
| Buying Characteristics | Customers will purchase products or services from companies they know or have experience with. Customers have knowledge of and personal experiences with the actual goods or services. |
| Mission Statement | Expresses specific goals for the company. |
| Small Business Association (SBA) | This association helps assist Americans in starting a business. |
