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RiverRidgeEcon

Vocab

QuestionAnswer
Definition of Free Enterprise The right to start a business and own property
What are the benefits fo free enterprise? Choice of Products, choice of Spending, and choice to start a business
What ways do people use land? For growing crops, for building ciites, for raising animals
How did Thomas Edison benefit from the free enterprise system? He was an inventor. Free enterprise encourages people to create inventions or start businesses to make a profit from their ideas and work.
Give an example of a renewable resource Trees
Give an example of a non-renewable resource fossil fuels
Givec an esample of natural resource water, salt, oil
Give an example of a product businesses sell that are natural resources bottled water, natural gas
What type of natural resource is important in making electricity? Fossil fuels
Why are natural resources important? People use natural resources in many ways: as food and drink, as building materials, and as power sources for lighting and heating homes.
The decisions about how and who will get resources and items Distribution
The design and manufacturing of an item Production
The natural and man-made sources that are used in production of goods that satisfy people's wants. Resources
The price of an item that reflects its demand level Price Point
The positive gain from an investment of business operation after subtracting all expenses. Profit
The relationship between price and quantity demanded. Law of Supply and Demand
The specific group of customers that a company aims to capture Target Audience of Target Market
The study of the production, consumption, and distribution of goods and services Economy
The use of resources or an item Consumption
A wage of compensation given to a worker in exchange for their labor Labor Cost
The world of business and commerce Market Place
Created by: Jacob2742