Business Vocabulary

a person who starts and manages a business venture

• revenue

• entrepreneur

• consumer

• branding

things that are required for survival, such as food, water, and shelter

• wants

• goods

• needs

• income

things that people desire but are not necessary for survival, such as toys, electronics, and vacations

• wants

• supply

• needs

• goods

tangible items that people can touch, see, and purchase, such as, clothing, books, and furniture

• needs

• service

• wants

• goods

intangible activities that people can purchase, such as haircuts, education, and healthcare

• consumer

• services

• goods

• producer

a person who purchases good and services

• producer

• services

• consumer

• investments

a person or business that creates and sells goods and services

• consumer

• business

• entrepreneur

• producer

a retirement savings plan that is funded by contributions from the employee and/or employer

• superannuation/retirement savings

• wage

• income

• savings

money earned through work or investments

• profit

• wage

• income

• cost

a fixed amount of money paid to an employee for their work

• wage

• savings

• income

• profit