Business Terms

6. (A market structure with many buyers and sellers trading homogeneous products.)
12. (The ability of a good or service to satisfy a customer's needs or wants.)
15. (The process of dividing a market into distinct groups of buyers with different needs or characteristics.)
19. (The obligation to operate in a way that will benefit society.)
20. (A detailed financial plan for the future, usually for a year.)

1. (The risk that a borrower will fail to repay a loan.)
2. (Money invested in a business by its owners.)
3. (The benefit lost when choosing one alternative over another.)
4. (A legal structure where the owners are personally liable for business debts.)
5. (The introduction of a new product or process to the market.)
7. (A measure of how efficiently a company uses its assets to generate revenue.)
8. (The process of influencing potential customers to buy a product or service.)
9. (The increase in the value of an asset over time.)
10. (A decrease in the general price level of goods and services in an economy.)
11. (Costs that do not change with the level of output in the short run.)
13. (The moral principles that guide business behavior.)
14. (The degree to which a firm can meet its short-term financial obligations.)
16. (The process of setting objectives and determining how to accomplish them.)
17. (The quantity of a good or service that consumers are willing and able to buy at a given price and time.)
18. (A visual representation of the organizational structure of a business.)