The ABCs of Entrepreneurship and Businesses #Day 2 7. Accounts Receivable: Amounts owed to a business by customers for goods/services on credit. 8. Accounts Payable: Amounts owed by a business to suppliers/creditors for purchases on credit. 9. Gross Domestic Product (GDP): Total value of goods/services produced in a country. 10. Opportunity Cost: The value of the best alternative forgone when making a decision. 11. Revenue: Total income generated by a business from normal operations. 12. Expenses: Costs incurred by a business to generate revenue. 13. Net Income (Profit): - Formula: Net Income = Revenue - Expenses - Amount earned after subtracting all expenses from total revenue. 14. Equity: The value of a business belonging to the owners/shareholders. 15. Debt-to-Equity Ratio: - Formula: Debt-to-Equity Ratio = Total Liabilities / Total Equity - Measure of a company's financial leverage. 16. Market Share: Percentage of a market accounted for by a specific entity.
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