Uploaded by Ian Chan


1. BUSINESS FAILURE - A business that files bankruptcy and loses money for creditors, the people
who lent them money, and their investors.
2. CAPITAL – The buildings, equipment, tools, and other goods needed to produce a product, or
the money used to purchase these items.
3. COMPETITION – Striving for the same customer or market.
4. DEMAND – The amount of quantity of goods and services that consumers are willing and able to
5. DISCONTINUANCE – A business that is operating under a new name or a business that has been
purposely discontinued.
6. ECONOMICS – The branch of social science that deals with the production and distribution and
consumption of goods and services and their management.
7. ELASTIC – When a small change in price produces a large change in demand.
8. ENTERPRISE ZONES – Specially designated areas of a community that provide tax benefits to
new businesses locating there and grants for new product development.
9. ENTREPRENEURIAL – is used to describe someone who makes money by starting their own
business, especially when this involves seeing a new opportunity and taking risks.
10. ENTERPRISE – a unit of economic organization or activity specifically a business organization.
11. FREE ENTERPRISE SYSTEM – An economic system in which people are free to operate their
businesses as they see fit, with little government interference.
12. INELASTIC – When a small change in price produces little or no effect on the quantity
13. INVESTMENT – The amount of money one puts into a business as capital.
14. OPPORTUNITY – An idea that has commercial value.
15. PROFIT – Money that is left after all the expenses of running a business have been deducted
from the income.
16. SCARCITY – When wants are greater than resources.
17. SERVICES – Intangible items that have monetary value and satisfy needs and wants.
18. Start-up Resources – Resources an entrepreneur needs to have when starting a business,
including capital, skilled labor, management expertise, legal and financial advice, a facility,
equipment, and customers.
19. Venture – A business undertaking involving risk.
20. BENEFITS – Employment rewards for service in addition to salary. They may include paid leave,
insurance, and a pension plan.
21. BONUS – A financial reward made in addition to a regular wage or salary.
22. COMMISSION – A percentage of a sale paid to a salesperson.
23. DELEGATE – to allow other people to share workloads and responsibilities.
24. FREELANCERS – people who provide specialty services to businesses on an hourly basis or by the
25. INTERNS – students who will work for little or no pay in order to gain experience in a particular
26. JOB ANALYSIS – the process of determining the tasks and sequence of tasks necessary to
perform a job.
27. JOB DESCRIPTION – a written statement listing the tasks and responsibilities of a position.
28. ORGANIZATIONAL CHART – shows who reports to whom in the company, or the chain of
29. PERFORMANCE EVALUATION – a management control tool that helps determine whether the
objectives for a particular job are being met.
30. PROFIT SHARING – a compensation arrangement in which employees are paid a portion of the
company’s profits.
31. RECRUIT – to look for people to hire and attract them to the business.
32. SALARY – an amount paid for a job position stated on an annual basis.
33. STAFFING – involves determining the number of employees a company needs and defining a
process for hiring them.
34. WAGES – payments for labor or services that are made on a hourly, daily, or per-unit basis.
35. Organizational structure - plan that show how the various jobs in a company related to one