Entrepreneurship & Business Ethics Unit VocabularyB. Whitaker, Teacher Business & Educational Technology

• Advertising – method of encouraging customers to take interest in a product or service.

• Budget – operating on a planned list of expenditures in conjunction to funds available.

• Capital – “money that is used to generate income or make an investment.” (TheFreeDictionary)

• Clientele – a group of customers that patronize a particular business or service provider.

• Consumer – a person or group of buyers.

• Contracting – an agreement with another party to carry out or receive specified services.

• Corporation – a business with similar legal rights of a person that can be made up of one person or many shareholders.

• Customer – “a person who purchases goods or services from another.” (Dictionary.com)

• Dealer – an individual or business who buys and resale goods or services to consumers.

• Debt – money owed to another party generally a creditor.

• Equipment – machines, furniture, tools, etc.

• Equity – the actual amount of ownership. In other words, Assets (items/property owned) - Liabilities (debts/loans) = Equity

• Ethics – rules of conduct that govern right versus wrong.

• Expansion – to increase.

• Industry - “a department or branch of a craft, art, business, or manufacture.” (Merriam-Webster.com)

• Innovative – creative, new ideas.

• Insurance – coverage generally paid in monthly fees to protect damages to assets.

• Integrate – to blend together.

• Investor – a person or group that invests in a particular venture with hopes of financial gain.

• Management – owners, managers, and/or person in leadership positions at a business/company.

• Manufacturer – a group or company that produces goods for sale.

• Marketing – to promote, advertise, or sell a product/service to a particular target group or groups.

• Mission Statement – a statement clarifying the purpose and goals of a business/company.

• Partnership – joint ownership of a business/company.

• Performance – set of standards for work ethics usually identified by management.

• Permit – a document authorizing a specific action.

• Product – an item that is produced as a result of labor.

• Promotion – “something devised to publicize or advertise a product, cause, institution, etc., such as a free sample.” (Dictionary.com)

• Proprietorship – “a business structure in which an individual and his/her company are considered a single entity for tax and liability purposes.” (InvestorsWords.com)

• Replicate – to copy or reproduce.

• Resources – materials needed to operate a business/company.

• Risks – chances taken in business which could result in a loss.

• Salaries – pay for hour worked/employed.