| A | B |
|---|
| capital | money required to start a business |
| capital equipment | tables, chairs, cutlery, wineglasses, cooker, fridge |
| human resource | another term for the staff in your business |
| sources of finance | loan, government grant, borrow from parents |
| entrpreneur | person who starts their own business with intention to make a profit |
| examples of entrepreneurs | elon musk and bill gates |
| opportunity cost | the value of the next best option you had to forfeit when making a decision |
| inputs | a term that describes the things required to make a product or service |
| demand | a term that describes the willingness of a customer to buy your product |
| supply | a term that describes the willingness of a business to produce a product |
| transaction | the exchange of cash for a product or service |
| disposable income | a factor that influences levels of demand |
| expenditure | a term that describes the financial outgoings of a business |
| income | a term that describes the finance coming into a business |
| profit | a term that describes when income is greater than expenditure |
| loss | a term that describes when income is less than expenditure |
| break even | a term that describes when income is equal to expenditure |
| target market | A group of customers with similar characteristics who currently purchase your product or may do so in the future. |
| primary target market | Market segment at which most of your resources are directed |
| secondary target market | A smaller and less important market segment |
