| A | B |
|---|
| Business Risk | The possibility of loss (failure) or gain (success) inherent in conducting business |
| Command Economic System | An economic system in which all or many of the means of production and distribution are owned and controlled by the government. |
| Competition | The rivalry among two or more businesses to attract scarce customer dollars |
| Communism | A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution |
| Direct Competition | Rivalry between or among businesses that offer similar types of goods or services. |
| Economic Risks | Risks that result from changes in overall business conditions. |
| Cost of Goods | The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells. |
| Expenses | Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business. |
| Economic System | The organized way in which a country handles its economic decisions and solves its economic problems. |
| Guarentee | A promise made to the consumer that a product’s purchase price will be refunded if the product is not satisfactory |
| Human Risks | Perils caused by human errors as well as the unpredictability of customers, employees, or the work environment |
