Business and Finance Terms

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Business

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An organization or enterprising entity engaged in commercial, industrial, or professional activities.

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Goods

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Physical items produced for sale.

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Services

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Intangible products provided to consumers.

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Need

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Essential items required for survival.

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Want

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Non-essential items desired by consumers.

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Profit

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Financial gain after all expenses are subtracted from revenue.

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Consumer

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A person who purchases goods and services for personal use.

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Competition

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Rivalry among businesses to attract customers.

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Prosperity

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A period of economic growth and success.

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Recession

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A period of economic decline.