BBI2O1 - Introduction to Business (Chapter 1)

The percentage of an industry that is earned by a company over a specified time period. 

The quantity of a good or service that producers can provide.

A competitive advantage a company earns by being the first to enter a specific market/industry.

A resource such as equipment, a building, or money, that is used to produce goods and services.

A sum of money granted by a government to assist an industry or business.

Assets that are consumed in the process of generating revenue.

The means through which goods and services are made available to consumers.

Work directed toward the innovation, introduction, & improvement of products and processes.

A person who takes risks & starts a venture to solve a problem or to seize an opportunity.

When consumers have the power to choose where & how much they will pay for goods & services.

Money left over from sales after the costs and expenses of operating a business have been paid.

A situation in which businesses try to sell the same type of product or service to a customer.

An accounting measure designed to gauge the financial health of a business or industry.

Having the ability to pay all debts and other obligations.

Those raw materials that we get from the earth, the water, and the air.

An item necessary for survival such as food, clothing, or shelter.

A person who provides and innovative product or service to meet a consumer want or need.

The spending of money on luxury goods and services to publicly display economic power.

The economic principle that demand goes up as prices come down & comes down when prices go up.

Any business that employs fewer than 500 people.

A decrease in owner's equity resulting from a personal withdrawal of funds/assets by the owner.

An organization that does not seek to make a profit from the operation of the business.

The reward that an owner receives for taking risks.

A charitable organization or charity that raises funds for a specific goal.

A sum of money paid regularly by a company to its shareholders out of its profits (or reserves)

Any evidence that an invention is already known which disputes the originality of an invention.

An individual or business that makes a product.

Expenditures that help a business generate revenue.

The quantity of a good or service that consumers are willing and able to buy.

When businesses are in control and can charge high prices and raise prices when costs go up.

Any location where producers and consumers come together to engage in buying or selling.

A body of elected or appointed members who jointly oversee activities of a company/organization

People who work to produce goods and services in a business; also known as workforce or labour.

The paths of ownership that goods or services follow as they pass from producer to consumer.

An item not necessary for survival but that adds pleasure and comfort to life.

The production or sale of goods/services to satisfy the needs, wants, & demands of customers.

A business owned by members who utilize the goods and services offered.

Voluntary activities by a company to operate in a social & environmentally sustainable manner.

Mutually dependent; relying on others who also rely on you.

Patrons of a particular store or business.

The amount of money that is required for each stage of production.

The value of a product or service expressed in a given currency.

Money a business receives for the products and/or services it sells or from its investments.

Total personal income minus personal current taxes.

A profitability measure that evaluates business performance by dividing net profit by net worth

Something that consumers no longer want because it has been replaced by a new/improved product.

A person who buys goods or services. Also referred to as a customer.

A five-step procedure that assists in making the most best choice among competing alternatives.

A reduction in the value of an asset with the passage of time due in particular to wear & tear.

The way business and government work together to provide goods and services to consumers.

Disposable income (after-tax income) minus all payments necessary to meet current bills.