Nature of a Business

To make profit

Production, Marketing, Distributing

An organised effort of individuals to produce and sell products for profit

<p>Profit is what remains after deducting all expenses from sales revenue</p> Signup and view all the answers

<p>Employment, Incomes, Innovation, Entrepreneurship</p> Signup and view all the answers

<p>Total revenue minus total expenses</p> Signup and view all the answers

<p>For an individual, income is the amount of money received for providing their labor. For a business, income is their profit.</p> Signup and view all the answers

<p>Wages are money received usually on an hourly or daily basis for services provided to an employer, while salary is a fixed regular payment usually paid fortnightly or monthly.</p> Signup and view all the answers

<p>A dividend is the amount of a company's profit that is divided among shareholders.</p> Signup and view all the answers

<p>Choice refers to the act of selecting among alternatives, such as brands, quality, price, color, size, and packaging.</p> Signup and view all the answers

<p>Entrepreneurship is the ability and willingness to start, operate, and assume the risk of a business venture. An entrepreneur is someone who starts, operates, and assumes the risk of a business venture.</p> Signup and view all the answers

<p>Invention refers to the development of something totally new, while innovation refers to creating something new or significantly improving a product, service, or process.</p> Signup and view all the answers