| A | B |
|---|
| entrepreneur | a person who owns a business |
| business | a sole owner, partnership, or corporation that creates and sells a product or service |
| product/good | something produced, or made, to sell |
| service | work done by others for others |
| salary | money paid to someone for the work or service they perform |
| revenue | money a company received from selling a product or service |
| expense | a cost associated with operating a business |
| fixed cost | expenses that are the same amount no matter how much product is sold |
| variable cost | expense that increases when more product is sold |
| profit | amount of money gained after expenses have been paid |
| loss | amount of money lost when expenses exceed the revenue |
| profit equation | revenue-expenses=profit or loss |
| advertising | ways of attracting public attention to a product or business |
