Business Terminology

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Business

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An organization that produces or sells goods and services to satisfy customer needs while seeking to generate a profit.

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Expenses

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The costs incurred by a business in the process of generating revenue, such as rent, salaries, and utilities.

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Goods/Product

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Tangible items that are produced and sold to consumers, such as clothing, electronics, or food.

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Loss (Financial)

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When a business’s total expenses exceed its total revenue, resulting in a negative financial outcome.

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Market

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A place or system where buyers and sellers interact to exchange goods, services, or financial assets.

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Manufacturer

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A business that produces goods by converting raw materials into finished products, which are then sold to wholesalers, retailers, or directly to consumers.

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Non-Profit Organization

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An entity that operates for a purpose other than making a profit, such as charity work, education, or community service.

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Producer

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A person or business that creates goods or services to sell to consumers or other businesses.

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Profit (Financial)

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The amount of money a business earns after subtracting all expenses from its total revenue.

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Retailer

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A business that sells goods directly to consumers, usually in small quantities, such as grocery stores or clothing shops.