Person who works for someone else
employee
Person who provides a product or service for someone else for money
entrepreneur
Process of running a business of one's own
entrepreneurship
Things used to create products or services
resources
Person who is a customer
consumer
Business that makes the products it sells
manufacturing
Money made from providing a good or service
income
Costs for supplies used in business
expenses
Result when income is greater than expenses
profit
Amount added to the cost to determine selling price
markup
Federal, state, or local government tax charged on goods
sales
Creative problem-solving method that involves coming up with a large number of fresh ideas
brainstorming
List of things to be discussed or done in a meeting
agenda
Amount subtracted for the retail price to determine the selling price
markdown
Making choices and satisfying the wants and needs of consumers
economics
Occurs because people's wants and needs are unlimited while the resources needed to produce goods and services are limited
scarcity
How much of a good or service a producer is willing and able to produce at different prices
supply
Costs that must be paid no meter how much of a good or service is produced
fixed
An individual's need or desire for a product or service at a given price
demand
Value of the next best alternative
opportunity cost
Costs that go up and down depending not he quantity of the good or serve produced
variable
Products and services that are brought in from another country to be sold
exports
Expenses that a business has every month
operating
Financial statements based on estimates
pro forma
Item of value owned by a business
assets
One-time only expenses that are paid to open a business
start up costs
Amount of sales that must be made to cover all of the costs of a business
breakeven point

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