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    Honey Mango
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    This document defines key business terms such as products, services, objectives, sales revenue, costs, adding value, and entrepreneurs. Objectives are medium to long term goals for a business, products can include both physical goods and services, sales revenue is what a business earns from trading, and adding value is the difference between the price charged and costs of inputs. An entrepreneur is someone who has a business idea and makes it a reality.

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    This document defines key business terms such as products, services, objectives, sales revenue, costs, adding value, and entrepreneurs. Objectives are medium to long term goals for a business, products can include both physical goods and services, sales revenue is what a business earns from trading, and adding value is the difference between the price charged and costs of inputs. An entrepreneur is someone who has a business idea and makes it a reality.

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    2 views1 page

    Business

    Uploaded by

    Honey Mango
    This document defines key business terms such as products, services, objectives, sales revenue, costs, adding value, and entrepreneurs. Objectives are medium to long term goals for a business, products can include both physical goods and services, sales revenue is what a business earns from trading, and adding value is the difference between the price charged and costs of inputs. An entrepreneur is someone who has a business idea and makes it a reality.

    Copyright:

    © All Rights Reserved
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    of 1

    Objectives-are medium to

    Service-intangible item for long term goals established


    example insurance.  to coordinate the business. 

    Profit-reward for risk and ​


    ​
    sales revenue less total Product-a more general
    ​
    costs.   term which
    ​
    includes products and
    Good-physical product ​
    services. 
    for example a house.   Opportunity costs-the next
    best alternative sacrificed. 

    Adding value-difference
    between price of the
    finished product/service
    and cost of inputs. 
    ​
    Entrepreneur-person who
    Sales revenue-earnings has a business idea or spots
    generated by a firm as a an opportunity and can
    result of its trading turn that idea into reality. 
    activities. 

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