Term
| Define the term industry. |
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Definition
| An industry is a group of businesses that are related through their primary business activity. |
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Term
| Define choice as a business term. |
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Definition
In business, choice is considered to be the opportunity granted to consumers to select from a range of products based on the competition existing between various businesses.
Choice of a vast array of products provides an improved standard of living. |
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Term
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Definition
GDP is an acronym for gross domestic product.
The gross domestic product is the money value of all the finished products produced in a country during one year.
This measurement is the value of production within an economy and is used as an indicator of a country's economic growth. |
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Term
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Definition
| A business is an entity that sells products known as goods or services, to satisfy the needs and wants of individuals. |
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Term
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Definition
| A product is a good or service that can be bought or sold. |
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Term
| What is a finished product? |
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Definition
| A finished product is a product that is ready for purchase and use. |
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Term
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Definition
| Production is the process undertaken by a business that combines a set of resources to create products that satisfy the needs and wants of consumers. |
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Term
| Define operating expenses. |
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Definition
| Operating expenses are the costs incurred for the successful operation of a business. |
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Term
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Definition
| An entrepreneur is an individual who establishes and operates a business with the aim of making a profit but at the risk of making a loss. |
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Term
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Definition
| Risk is the possibility of making a loss. |
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Term
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Definition
| The sales revenue of a business is the money received from the sale of its products. |
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Term
| Define return on investment. |
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Definition
| Return on investment is the income received by a business. |
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Term
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Definition
| A good is a product that is tangible meaning it can be seen and touched. |
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Term
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Definition
| A service is a product that is intangible meaning it is a thing done for a customer by other people. |
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Term
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Definition
| Wealth creation is the profit of a business that is redistributed with owners/shareholders, government, lenders, employees and the business itself. |
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