Business essentials 2.05 unit

Money that a business a business spends

Market controlled by one supplier

Rivalry between different or dissimilar products

May or may not be a loss, no change or gain

The impact of loss to someone else (insurance)

The amount of money to produce the good

Income-expenses= profit

Rivalry between similar goods or services

Loss due to human failure

Loss due to nature

Money received

Involves competition not related to price

Trying to reduce the chance of loss

Competition due to the pricing practice

The desire to make a profit

Loss due to economy (financial)

Sells identical products

To promote Economic fairness and competitiveness

Government allows to exist under certain conditions

Loss or gain from conducting business

Profit=income from sales-cost of goods

Assume responsibility for risk (saving money instead of purchasing insurance)

Gross profit- operating expenses

Money involved in running business

Few sellers and industry leaders determine prices

Possibility of loss or no loss

Choose not to do it