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2.05 Key Terms

TermDefinition
Avoidance A risk- response strategy that involves choosing not to do something that is considered risky.
Business Risk The possibility of loss ( failure) or gain ( success) inherent in conducting business.
Competition The rivalry between two or more businesses to attract scarce customer dollars.
Cost of goods The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products ) it sellls.
Direct Competition Rivalry between or among businesses that offer similar types of goods and services.
Economic Risks The possibility of loss or failure that occurs as a result of the economy .
Expenses The money that a business spends.
Gross Profit Money left after the cost of goods expense is subtracted from total income( income from sales- cost of goods= profit)
Human Resources The possibility of loss or failure from human error.
Income The money received by resource owners and by producers for supplying goods and services to customers.
Indirect Competition Rivalry between or among businesses that offer dissimilar goods or services.
Market structure The type of market, or environment, in which businesses operate.
Monopoly A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.
Natural risks The possibility of loss or failure from nature.
Net profit Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income (gross profit - operating expense = net profit).
Nonprice competition A type of rivalry between or among businesses that involves factors other than price.
Oligopoly A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
Operating expenses All of the expenses involved in running a business.
Perfect competition All of the expenses involved in running a business.
Price competition A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.
Profit Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid (income – expense = profit).
Profit motive The desire to make a profit, which moves people to invest in business.
Created by: gisela.f538
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