Business Key terms

What is Loss?

What is specialization ?

A lady bought something for a vender on the road side. What item did the lady use to buy the item?

What is human mental and

physical effort spent on production

of goods and services, for which

payment is received?

Spell the word for the definition: Intangible (cannot be touched) products

that satisfy customers’ needs.

(a)  

(a)   is the process of giving up something to obtain something.

A man exchanges his cow for a pig. This process is called___

What is a business enterprise is the

undertaking of activities associated

with the production, sale or

distribution of products or services.

Generally it is used to describe an

undertaking or activity with some

degree of difficulty or risk?

Spell the word for this definition: is the practice of

identifying a new innovation or

opportunity, organizing the

financing and other resources, and

taking the risk in the hope of

creating wealth and making a profit.

(a)  

What is a profit?