| A | B |
|---|
| consumer | someone who uses goods or services |
| needs | things that are necessary for survival |
| wants | not necessary for our survival but add pleasure and comfort to our lives |
| goods | physical itmes |
| services | paying someone else to perform a task for you |
| profit motive | the desire to make money |
| accounting | a system of recording and reporting financial activity and transactions |
| management | Employees whose overall job is to make sure that the organization meets its goals and obligations in every department or function of business |
| marketing | The process of satisfying the needs and wants of consumers through exchange |
| information technology | The use of technology to share knowledge, facts, and data to others such as co-workers, customers, and suppliers |
| operations | This function of business is considered the “back office” and involves all the behind the scenes paperwork that must be finished in order for the transactions to be completed |
| human resources | Manages the personnel relations within a company |
| sole proprietorship | A business owned by only one person |
| partnership | A business owned by two or more people |
| 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. |
| non profit organization | A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross |
| corporation | A business considered separate from the owners of the business by law. The owners are the stockholders |
| multinational corporation | A company that does business and has business facilities in many countries, such as Coca Cola |
