Unit 1 Flashcards
Business Plan
a document that describes a business, it’s objectives, market, strategies, and financial forecast
Intrapreneur
a business employee who takes direct responsibility for turning an idea into a profitable product
multinational business
a business org that has HQ in one country but factories, branches, etc. in other countries
opportunity cost
the next most desired option that is given up
branding
the process of differentiating a process using trademarks, logo, image, name
added value
the difference in cost between materials and the selling price of finished goods
adding value
increasing the difference in cost between materials and the selling price of finished goods
Enterprise
innovation and coordination by an entrepreneur
capital goods
goods used by industry to aid in the production of other goods and services
factors of production
land - renewable and non renewable resources
labor - manual and skilled
capital - finance to manufacture, etc.
enterprise - people, person, entrepreneur
consumer service
non-tangible product sold to consumer not intended for resale
consumer goods
physical and tangible product sold to consumer that is non intended for resale
consumers
an individual who purchases goods and services for personal use
customer
a individual consumer or business who purchase goods or services from a business
entrepreneur
indiv. with an idea who starts a business and holds most of the risk but also benefits from the rewards
