vocab

A risk-response strategy that involves choosing not to do something that is considered risky.

The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells.

The possibility of loss (failure) or gain (success) inherent in conducting business.

The rivalry between two or more businesses to attract scarce customer dollars.

Rivalry between or among businesses that offer similar types of goods or services. 

The possibility of loss or failure that occurs as a result of the economy.

The money that a business spends.

 Money left after the cost-of-goods expense is subtracted from total income (income from sales - cost of goods = gross profit).

The possibility of loss or failure from human error.

The money received by resource owners and by producers for supplying goods and services to customers.