Understanding Business Concepts

What does the word enterprise mean?

• A business

• A type of trade

• A financial institution

What is entrepreneurship?

• Identifying innovation

• Managing a business

• Buying and selling

What is barter?

• Exchange of goods without money

• Buying and selling

• A type of market

What is profit?

• Money remaining after costs

• Total revenue

• Loss incurred

What is a loss?

• Opposite of profit

• Total revenue

• Cost of production

What does trade mean?

• Buying and selling

• Exchanging goods

• Creating wealth

What is an organization?

• Group of persons using resources

• A type of business

• A market

What is an economy?

• System that allocates resources

• A type of organization

• A form of trade

What is a producer?

• Person or business that creates goods

• A type of consumer

• A financial institution

What is a consumer?

• Person that buys goods

• A type of producer

• A financial institution