Business Terminology

Business

• An organization that produces or sells goods and services to satisfy customer needs while seeking to generate a profit.

• A non-profit organization that provides services to the community.

• A government entity that regulates trade and commerce.

• A group of individuals working together for a common hobby.

Profit (Financial)

• The total revenue generated by a business.

• The amount of money a business earns after subtracting all expenses from its total revenue.

• The initial investment made by a business owner.

• The total expenses incurred by a business.

Expenses

• The profits made by a business after all expenses are deducted.

• The costs incurred by a business in the process of generating revenue, such as rent, salaries, and utilities.

• The total revenue generated by a business before any deductions.

• The investments made by a business in assets like equipment and property.

Monopoly

• One company controls the market

• Multiple companies compete equally

• A market with no competition

• A government-controlled market

Goods/Product

• Tangible items that are produced and sold to consumers, such as clothing, electronics, or food.

• Intangible services provided to consumers, such as consulting or education.

• Items that are exclusively digital, like software or e-books.

• Products that are only available for rent and not for sale.

Business Ethics

• The principles and values that guide decision-making in the business world.

• A set of laws governing corporate behavior.

• The study of how businesses can maximize profits.

• A framework for evaluating employee performance.

Service Business

• A company that primarily provides services rather than tangible goods, such as a law firm, consulting agency, or cleaning service.

• A business that sells physical products directly to consumers.

• A type of business that focuses on manufacturing goods.

• A company that operates solely online without any physical presence.

Hard Skills

• Technical knowledge or training gained through life experience, including career or education.

• Soft skills related to communication and teamwork.

• General knowledge acquired from reading books and articles.

• Creative abilities in arts and design.

Retailer

• A business that sells goods directly to consumers, usually in small quantities, such as grocery stores or clothing shops.

• A company that manufactures products for wholesale distribution.

• An online platform that connects buyers and sellers without holding inventory.

• A service provider that offers products on a subscription basis.

Producer

• A person or business that creates goods or services to sell to consumers or other businesses.

• An individual who consumes products and services.

• A company that only provides services without creating goods.

• A government entity that regulates the production of goods.