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Chapter 5.2
Term | Definition |
---|---|
market | organized way for producers and consumers to trade goods and services |
profit | money a company has left after subtracting costs of doing business |
revenue | money earned by selling goods and services |
specialization | concentrating on a limited number of goods or activities |
competition | struggle among producers for consumers' money |
inflation | general increase in prices |
recession | decline in economic growth for six or more months in a row |
barter | trading of goods and services for other goods and services |
nonprofit organinzation | do not seek to make a profit (church, museum, hospital) |