Role of Business DEFINITIONS

Question	Answer
Innovation	an improvement on something already established
Dividend	part of a business’s profit that is divided among shareholders
Wage	money received by workers, usually on a weekly basis, for services they provide to an employer
Quality of life	the overall wellbeing of an individual, and its combination of both material and non-material benefits
Entrepreneur	Someone who starts, operates and assumes the risk of a business venture in the hope
Salary	A fixed amount of money paid on a regular basis, usually fortnightly or monthly, to a permanent employee of a business
Invention	The development of something new
Shareholders	People who are part owners of a company because they own a number of shares
Choice	The act of selecting among alternatives
Business	The organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals’ needs and wants
Risk	The possibility of loss
profit	What remains after all business expenses have been deducted from sales revenue
Income	Money received by a person for providing labour, or a business from return on its investments
Revenue	Money a business receives as payment for its products
Services	Things done for you by others
Production	Activities undertaken by the business that combine the resources to create products that satisfy customers’ needs and wants
Product	A good or service that can be bought or sold
Finished products	A product that is ready for customers to buy and use
Goods	Items that can be seen or touched

Resource summary

	Created by Ella Udechuku over 8 years ago