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The legal process by which an individual or business unable to meet financial obligations can seek court protection under these laws and can be relieved of those debts by a court


Is a person, partnership, or corporation that seeks to provide goods and services to others at a profit


Tangible products, such as cameras, food, computers, clothing, an cars


Intangible products such as education, insurance, and travel


A person who risks time and money to start and manage business

Return on Investment (ROI)

The money gained from taking on a business risk


The total amount of money a business takes in during a given period as a result of selling its goods or service


The costs of purchasing the goods and service that are needed to operate a business


The amount of money a business earns above and beyond what is spends for goods, services, salaries, and other expenses


When a business's expenses are more than its revenues


The chance an individual or organization takes of losing time and money on a business that may not prove profitabe


Assigning various function, such as accounting, production, security, maintenance, and legal work, to outside organizations

Small and medium-sized enterpises

Small enterprises employ 50 or fewer people and are managed by their owners on a day-to-day basis, and medium-sized enterprises have 51 to 500 employees

For-profit organizations

Organizations that are motivated to earn profits

Nonprofit orgaizations

Organizations that are not driven to garner profit


Any people or organizations who stand to gain or lose from the activities of a business


A legally enforceable agreement between two or more parties


An electronic storage file for information

Tradeable Currency

One country's money that is allowed to be exchanged for another country's money

Capitalist system

A system in which cmpanies and businesses are are owned by citizens instead of the government


Producing the desired results


Producing goods using the least amount of resources


An input used to produce a good


The amount of output generated given a particular amount of an input


The buying and selling of goods over the internet


A business that produces products to sell directly to the consumer


A business that produces products to sell to another business


Good quality at a fair price


Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests


Board differences among a group of people, including their ethnicity, sex, color, sexual orientation, body size, age and so on


Statistics about the human population with regard to its size, density, and other characteristics

Free Trade

The movement of goods and services among nations without political or economics barriers


The worldwide integration of government policies, cultures, social movement, and finanical markets through trade and exchange of ideas

Factor of production

The resources used to create wealth: land, labor, capital, entrepreneurship,and knowledge

Standard of living

The amount of goods and services people can buy with the money they have

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