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business the organised effort of individuals to produce and sell, for a profit, the products that satisfy individual's needs and wants. product a good or service that can be bought or sold. goods items that can be seen or touched services things done for you by others finished product a product that is ready for customers to buy and use production activities undertaken by the business that combine the resources to create products that satisfy customer's needs and wants revenue the money a business receives as payment for its products operating expenses the costs running the business except the cost of goods sold profit the remains after all business expenses have been deducted from sales revenue risk the possibility of loss income money received by a person for providing his or her labour, or a business from return on its investments wage money received by workers, usually on a weekly basis, for services they provide to an employer salary a fixed amount of money paid on a regular basis, usually fortnightly or monthly, to a permanent employee of a business shareholders people who are part owners of a company because they own a number of shares dividend part of a business's profit that is divided among shareholders choice the act of selecting among alternatives innovation an improvement on something already established invention the development of something new research and development a set of activities undertaken to improve existing products, create new products and improve production entrepreneur someone who starts, operates and assumes the risk of a business venture in the hope of making a profit quality of life the overall wellbeing of an individual, and is a combination of both material and non-material benefits