| A | B |
|---|
| Competition | Contest between businesses to win customers' business and loyalty |
| Consumer | A person who uses goods or services. Many times the consumer is also the customer (purchaser). |
| Goods | Items businesses sell that can be physically weighed or measured, such as iPods and CDs. |
| Needs | Items necessary for existence, such as clothing, food, and shelter. |
| Profit motive | A person's incentive to work to gain something for himself or herself (that is to make money). |
| Profit | Money that remains after a business has paid for the expenses of running the business. Income > Expenses |
| Services | Tasks that businesses perform or provide for customers, such as hair cuts and car washes. |
| Wants | Items that would be nice to have, but are not necessary. |
| Corporation | A business considered separate from the owners of the business by law. The owners are the stockholders. |
| Franchise | 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. |
| Multinational corporation | A company that does business and has business facilities in many countries, such as Coca Cola. |
| Non-profit organization | A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross. |
| Partnership | A business owned by two or more people. |
| Sole proprietorship | A business owned by only one person. |
| Accounting | The process of recording and reporting the financial data for a business. |
| Human Resources | The activities that deal with the hiring, firing, training and other personnel (employee) issues. |
| Information Technology | The process of developing, installing, and implementing computer information systems and applications. IT includes the support and maintenance of computer hardware and software. |
| Management | The process of leading and directing all or part of an organization |
| Marketing | The process of creating, promoting, and presenting a product to the consumers. |
| Operations | The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders. |
