Glossary Terms:

I Can Be an Entrepreneur

Glossary terms from:
http://www.econedlink.org/e476


Advertising

Using advertisements (public notices, displays or presentations often based on celebrity endorsements, appeals to authority, bandwagon effects and attractive imagery) to promote the sale of goods or services.

Business

Any activity or organization that produces or exchanges goods or services for a profit.

Cash

Money in the form of paper currency or coins (as distinct from checks, money orders or credit).

Check

A written order to a financial institution directing the financial institution to pay a stated amount of money, as instructed, from the customer's account.

Choice

Decision made or course of action taken when faced with a set of alternatives.

Costs

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

Demand

The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

Entrepreneur

One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.

Expenses

Payments for goods and services.

Goods

Tangible objects that satisfy economic wants.

Interest

Money paid regularly, at a particular rate, for the use of borrowed money.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

Money

Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.

Price

The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.

Product

A good or service that can be used to satisfy a want.

Profit

Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm's explicit and implicit costs from its total revenues.

Revenue

The money a business receives from customers who buy its goods and services. Not to be confused with profit.

Risk

The chance of losing money.

Sale

An exchange of goods or services for money.

Services

Activities performed by people, firms or government agencies to satisfy economic wants.

Spend

Use money now to buy goods and services.

Work

Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.