8TH GRADE
VOCABULARY TERM
Ms. pratt
Term
Definition
Purposes of Business
Profit
Profit motive
Competition
Needs
Wants
Consumer
Goods
Services
Money that remains after a business has paid for
the expenses of running the business.
Income > Expenses
A person's incentive to work to gain something for
himself or herself (that is to make money).
Contest between businesses to win customers'
business and loyalty
Items necessary for existence, such as clothing,
food, and shelter.
Items that would be nice to have, but are not
necessary.
A person who uses goods or services. Many
times the consumer is also the customer
(purchaser).
Items businesses sell that can be physically
weighed or measured, such as iPods and CDs.
Tasks that businesses perform or provide for
customers, such as hair cuts and car washes.
Types of Businesses
Sole proprietorship
A business owned by only one person.
Partnership
A business owned by two or more people.
Franchise
A contract between a parent company and a
franchisee to use the name and sell the goods or
services of the parent company, such as KFC.
A business whose goal is to provide a service
rather than to make a profit, such as the
American Red Cross.
A business considered separate from the owners
Non-profit organization
Corporation
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Term
Multinational corporation
Definition
of the business by law. The owners are the
stockholders.
A company that does business and has business
facilities in many countries, such as Coca Cola.
Functions of Business
Accounting
Management
Marketing
Information Technology
Operations
Human Resources
The process of recording and reporting the
financial data for a business.
The process of leading and directing all or part of
an organization
The process of creating, promoting, and
presenting a product to the consumers.
The process of developing, installing, and
implementing computer information systems and
applications. IT includes the support and
maintenance of computer hardware and software.
The activities involved in the day-to-day running
of a business for the purpose of producing value
for the stakeholders.
The activities that deal with the hiring, firing,
training and other personnel (employee) issues.
2.01 Key Terms Defined
Understand Economics and Economic systems
Term
Definition
Economics Terms
Economics
Scarcity
Capital Resources
Making choices and satisfying the wants and needs of
consumer. Economics studies how individuals and
societies seek to satisfy needs and wants through
incentives, choices, and allocation of scarce resources
The word "economics" is from the Greek words οκος
[oikos], meaning "family, household, estate," and νόμος
[nomos], or "custom, law," and hence literally means
"household management" or "management of the state."
The condition that exists when wants exceed resources
available to satisfy wants.
Goods produced and used to make other goods and
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Term
Natural Resources
Human Resources
Entrepreneurial Resources
Definition
services.
“Gifts of nature” that are present without human
intervention (ex. land)
The knowledge, efforts, and skills people bring to their
work, also known as labor.
The initiative to improve goods and services or create
new ones.
Types of Economies
Command economy
Market economy
Socialist economy
Mixed Economy
Traditional Economy
Economic system that is run by a central government or
authority
Characterized by private ownership of the means of
production (for example, farms and factories), and supply
and demand are responsible for the price and allocation
decisions. Individuals decide what, how and for whom
goods and services are produced.
Characterized by more government ownership and
central planning. Government, which relies on tax
revenues, is far less likely than private businesses to
heed price signals or to feel the discipline imposed by
market forces.
A combination of a command and market economy.
The type of economy where people believe in doing
things the same as they have always been done in the
past.
Supply and Demand Terms
Market
Includes the customers and locations that a
business wants to serve.
Supply
How much of a good or service a producer is
willing and able to produce at different prices.
Demand
An individual’s need or desire for a good or service
at a given price.
Law of Demand
As prices fall for a particular good or service, the
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demand for that item will increase and vice-versa.
Law of Supply
As the price of a particular good or service
increases, the supply for that item will also be
increased and vice-versa.
Price
The amount at which a good or service will be sold
in a market.
Personal Characteristics of Successful Entrepreneurs
Personal Characteristic
persistent
creative
responsible
inquisitive
goal-oriented
independent
self-confident
risk-takers
Description
Entrepreneurs work until a job is done. They are
determined to overcome problems and to pursue their
goals in order to make their business successful.
Entrepreneurs are constantly looking for new ways to
solve problems.
An entrepreneur is accountable for his/her actions and
does what is required.
Entrepreneurs are curious about things that may affect
their business. They are not afraid to ask questions or to
conduct research in order to solve problems.
Entrepreneurs develop a plan of action and must make
decisions to help achieve that plan.
Entrepreneurs want to make their own decisions. They set
their own schedules and are able to work without
supervision.
Entrepreneurs believe in themselves.
Entrepreneurs look for challenging opportunities. They are
not afraid to take risks.
Skills Needed by Successful Entrepreneurs
Skill
communication skills
human relations skills
math skills
Description
Entrepreneurs need to gather information necessary to
organize and run their business. Entrepreneurs must
develop writing, speaking and listening skills.
Entrepreneurs must get along with others and enjoy
meeting and talking to people.
Basic arithmetic and knowledge of basic record keeping
are needed for the entrepreneur to make purchase
decisions, calculate profit and complete financial
statements.
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problem-solving and
decision-making skills
technical skills
basic business skills
Entrepreneurs must make decisions and solve problems
every day.
Computer skills are essential in almost every business.
Entrepreneurs must have a basic understanding of how
the economy works and of the fundamental concepts of
finance, marketing, and management in order to help
ensure the success of their business.
3.0 Key Terms
Term
Definition
Entrepreneurs and Entrepreneurship
Entrepreneur
Entrepreneurship
Business ethics
Code of ethics
Innovation
Mission statement
Opportunity
Small business
An individual who undertakes the risk associated
with creating, organizing, and owning a business
The process of starting and operating one’s own
business
Applying principles of right and wrong to situations
in the workplace
A systematic set of rules and procedures used to
guide the behavior of an individual, a business, or a
culture
A new or different product
A written description of the purpose of a company
and the management’s philosophy.
An idea that has commercial value
Sometimes referred to as “mom and pop”
businesses. Small businesses are generally
started to create jobs for the owners.
The Entrepreneurial Process
Discovery
Demographics
Concept Development
Resourcing
The stage in which the entrepreneur generates
ideas, recognizes opportunities, and determines
the feasibility of ideas, markets, ventures, etc.
Data that describes a group of people in terms of
their age, marital status, family size, ethnic
background, gender, education, and income
The stage in the entrepreneurial process in which
the entrepreneur plans the venture, identifies
needed resources using a business plan, and
identifies strategies to protect intellectual property
The stage in which the entrepreneur identifies and
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Term
Venture
Actualization
Harvesting
Definition
acquires the financial, human, and capital
resources needed for the venture startup, etc
A business undertaking involving risk
The stage in which the entrepreneur operates the
ventures and utilizes resources to achieve its
goals/objectives
The stage in which the entrepreneur decides on a
venture’s future growth, development, or demise
Procedures and Requirements for Starting a Business
Business plan
Executive summary
Start-up resources
Capital
Trademark
Copyright
Patent
A proposal that describes a new business
A brief description of the key points of the business
plan
Capital and resources needed to start a business
Wealth in the form of money or property, used or
accumulated in a business by a person,
partnership, or corporation
Any name, symbol, figure, letter, word, or mark
adopted and used by a manufacturer or merchant
in order to designate his or her goods
The legal right granted to an author, composer,
playwright, publisher, or distributor to exclusive
publication, production, sale, or distribution of a
literary, musical, dramatic, or artistic work
The exclusive rights granted by a government to an
inventor to manufacture, use, or sell an invention
for a certain number of years willing and able to
produce at different prices.
3.0 Key Terms
Term
Definition
Entrepreneurs and Entrepreneurship
Entrepreneur
Entrepreneurship
Business ethics
An individual who undertakes the risk associated
with creating, organizing, and owning a business
The process of starting and operating one’s own
business
Applying principles of right and wrong to situations
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Term
Code of ethics
Innovation
Mission statement
Opportunity
Small business
Definition
in the workplace
A systematic set of rules and procedures used to
guide the behavior of an individual, a business, or a
culture
A new or different product
A written description of the purpose of a company
and the management’s philosophy.
An idea that has commercial value
Sometimes referred to as “mom and pop”
businesses. Small businesses are generally
started to create jobs for the owners.
The Entrepreneurial Process
Discovery
Demographics
Concept Development
Resourcing
Venture
Actualization
Harvesting
The stage in which the entrepreneur generates
ideas, recognizes opportunities, and determines
the feasibility of ideas, markets, ventures, etc.
Data that describes a group of people in terms of
their age, marital status, family size, ethnic
background, gender, education, and income
The stage in the entrepreneurial process in which
the entrepreneur plans the venture, identifies
needed resources using a business plan, and
identifies strategies to protect intellectual property
The stage in which the entrepreneur identifies and
acquires the financial, human, and capital
resources needed for the venture startup, etc
A business undertaking involving risk
The stage in which the entrepreneur operates the
ventures and utilizes resources to achieve its
goals/objectives
The stage in which the entrepreneur decides on a
venture’s future growth, development, or demise
Procedures and Requirements for Starting a Business
Business plan
Executive summary
Start-up resources
A proposal that describes a new business
A brief description of the key points of the business
plan
Capital and resources needed to start a business
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Term
Capital
Trademark
Copyright
Patent
Financial Manager
Accountant
Certified Public
Accountant (CPA)
Auditor
Bank Teller
Definition
Wealth in the form of money or property, used or
accumulated in a business by a person,
partnership, or corporation
Any name, symbol, figure, letter, word, or mark
adopted and used by a manufacturer or merchant
in order to designate his or her goods
The legal right granted to an author, composer,
playwright, publisher, or distributor to exclusive
publication, production, sale, or distribution of a
literary, musical, dramatic, or artistic work
The exclusive rights granted by a government to an
inventor to manufacture, use, or sell an invention
for a certain number of years willing and able to
produce at different prices.
Top-level professional who may have final responsibility
for one of many aspects of a business’s financial activity,
from accounting and taxation to preparing financial reports
and supervising various financial departments of a
company.
A professional who produces and examines financial
records, prepares financial reports and tax returns, and
may give budget, tax, or investment advice to the company
or customer. Some accountants have their own
businesses and work for many clients, and others may
work within the financial department of a company.
Accountants who meet specific educational requirements
and pass a national examination.
A professional whose work mainly involves checking on
the accuracy of work performed by bookkeepers and
accountants, and checking to be sure a company is
following all financial laws and regulations.
Worker who handles bank deposits and withdrawals, sell
traveler’s checks and foreign currency, accept loan
payments, prepare certified checks or money orders, and
may handle other duties.
Management
The direct control of a business or enterprise.
Manager
An employee whose overall job is to make sure that
the organization meets its goals and obligations.
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Levels of Business
Management
Top-level (Upper)
Management
Middle-level
Management
First-line
(Supervisory)
Management
People who are responsible for setting goals and
planning for the future. They have titles like president,
vice president, chief executive officer (CEO). Toplevel managers usually consist of a small group of
people or even one person.
One who carries out the decisions of top-level
management. They include plant managers, regional
managers, and department heads. They are
responsible for planning and controlling an operation.
Sometimes referred to as supervisory managers.
They may also be called team leaders, coaches,
supervisors, office managers, crew leaders, or unit
coordinators. A manager who is responsible for
directing the day-to-day activities of low-level (all
employees below First-line manager status) and
operational employees. Sometimes these managers
are referred to as operational managers.
Functions of Business
Managers
Planning/Staffing
Controlling
Leading
Organizing
Setting company goals. Top-level managers must
decide what must be done, who will do it, how will the
work be grouped, and hiring staff.
Keeping the company on track and making sure all
goals are met.
Includes giving orders. Good leaders must create a
vision for the company, set standards, communicate
with employees, provide guidance, and resolve conflict
among workers.
Deciding how you will get the work done to accomplish
the goals.
Administrative Services Manager
The primary duty is managing support
services for various organizations, from large
government agencies to small businesses.
These workers help organizations work
efficiently.
Construction Manager
The person responsible for the execution of a
construction project. Construction managers
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must be available—often 24 hours a day—to deal
with delays, bad weather, or emergencies at the
jobsite.
Education Administrator
Education administrators organize and
oversee administrative activities and systems
that support and facilitate the smooth running
of an education institution.
Farm Operator & Manager
Manage the day-to-day activities of one or
more farms, ranches, nurseries, timber tracts,
greenhouses, and other agricultural
establishments. Their duties and
responsibilities vary widely, but focus on the
business aspects of running a farm.
Funeral Director
A professional who prepares for the burial or
other disposition of dead human bodies,
supervises such burial or disposition,
maintains a funeral establishment for such
purposes, counsels with survivors. Also called
a mortician.
Health Service Manager
Health services managers, also referred to as
health care executives or health care
administrators, plan, direct, coordinate, and
supervise the delivery of health care.
Hotel Manager
A hotel manager is responsible for the day-today management of a hotel and its staff and
for planning, organizing and directing all hotel
services, including front-of-house (reception,
concierge, and reservations), banqueting and
housekeeping.
Human Resources (H.R.) Manager
A human resources manager is responsible
for managing and overseeing the personnel
department within a company, organization or
agency. This includes posting advertisements
or approving advertisements for new
employees, screening résumés and
applications, setting interview appointments
and being involved in the hiring process.
Loan Officer & Counselor
Loan officers work for banks and other
financial institutions. They help individuals and
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businesses obtain funds from these lenders.
Public Relations Manager
PR Managers evaluate advertising and
promotion programs for compatibility with
public relations efforts and serve as the eyes
and ears of top management. They observe
social, economic, and political trends that
might ultimately affect the firm, and they make
recommendations to enhance the firm’s image
on the basis of those trends.
IT Terminology
Information Technology
Hardware
Software
Internet
Network
Technology that enables information to be used to
produce products and services.
The physical parts of the computer.
Programs on the computer with written commands
that tell a computer what tasks to perform.
Electronic information networks that carry audio,
video, and computer data.
A system of computers, peripherals, terminals,
and databases connected by communication
lines.
Careers in Information Technology
Computer Engineer
Computer Operator
Systems Administrator
Computer Programmer
Software Designer
Systems Analyst
A profession that involves the understanding and
design of computers and computational
processes.
The person responsible for monitoring and
controlling computer systems in a company or
organization.
A person employed to maintain and operate a
computer system or network for a company or
other organization.
The person who writes codes for computer
software.
A person who designs, creates, and maintains
software.
A programmer who designs and manages the
development of business applications on the
computer.
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Multimedia Designer
Help Desk Technician
Technical Writer
Webmaster
People who work in communicating a concept or
information via a computer using audio, video,
text, graphics, animation, etc.
Persons responsible primarily for supporting enduser software applications, normally done
remotely via telephone.
A person who creates technical documentation
and user guides for a professional field.
The person responsible for maintaining and
updating a website.
Marketing Terminology
Market
Marketing
Marketing mix
Target market
Product
Place
Price
Promotion
The world of commercial activity where goods and
services are bought and sold; includes customers and
location a business wants to serve.
Means by which products or services are developed,
priced, distributed, and promoted to customers.
Combination of the 4 P's—Product, Place, Price,
Promotion.
A group of individuals or organizations with similar
traits who may purchase a particular product.
A good or service that can satisfy consumer needs.
The location of the business; also includes business
activities that involve physical distribution, such as
transporting goods, handling the goods, storing the
goods, and keeping track of the goods.
The amount of money needed to purchase something.
The act of informing or reminding consumers about a
specific product or brand.
Careers in Marketing
Fashion Merchandising
Travel and Tourism
Marketing Management
Involves all activities related to the development,
buying, and selling of merchandise associated with
apparel production, selection and coordination, fibers
and fabrics, computer aided design, product
compatibility, product development, quality assessment
and control.
The industry involved in providing services to support
travel, mainly recreational or for leisure purposes.
The management of a firm's marketing resources and
activities. Marketing managers are often responsible for
influencing the level, timing, and composition of
customer demand in a manner that will achieve the
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Market Researcher
Salesperson
Sports and Entertainment
Marketing
Sales Manager
Telemarketer
Buyer
e-Marketing
company's objectives
A person who accumulates and analyzes data in order
to make a particular marketing decision. Market
researchers determine what motivates people to buy
specific products.
A person employed to represent a business and to sell
its merchandise.
Involves determining the sports and entertainment
interests of the consumer and planning a product or
service that the spectator will buy.
An individual who manages a group of sales
representatives.
A person who uses the telephone for promoting and
selling products.
One who makes bulk purchases on behalf of a retailer
or wholesaler.
e-Marketing, also referred to as Internet marketing or
online marketing is the marketing of products or
services using the Internet.
Entrepreneurship Terms
Business plan
Demographics
Entrepreneur
Entrepreneurship
Free Enterprise System
Opportunity
Risk
Venture
A proposal that describes a new business
Data that describes a group of people in
terms of their age, marital status, family
size, ethnic background, gender,
education, and income
An individual who undertakes the risk
associated with creating, organizing, and
owning a business.
The process of starting and operating
one’s own business.
A system where businesses are owned by
private individuals and groups, not by the
government. Also called a Market
Economy.
An idea that has commercial value.
The chance of damage or loss.
A business undertaking involving risk.
Forms of Business Organization
Sole Proprietorship
A business owned and operated by one
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Partnership
Corporation
Franchise
Retail Business
Non-profit
Service business
person.
A form of business ownership where two
or more individuals share assets, liabilities,
and profits.
A business that is chartered by the state
and legally operates apart from its owners.
Corporations are owned by stockholder
but run by a CEO.
The right to sell a company’s goods or
services in a particular geographic area.
A type of business that sells products
directly to consumers.
An organization that is set up to help those
in need but not to make a profit from the
business.
Work done for others for a profit.
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