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Enttrepreneuship
Business
| Term | Definition |
|---|---|
| Enterprise | A business |
| Entrpreneurship | The act of managing a business |
| Entrpreneur | someone who takes on the risk of starting a new business |
| barter | the exchange of goods and services without the use of money |
| profit | when total revenue is greater than total cost |
| loss | when total cost is greater than total revenue |
| trade | buying and selling |
| organization | a single individual or group who have pooled their resources together to provide goods and services to make a profit |
| economy | a system that allocates scarce resources by deciding what should be produced ...how and for whom |
| producer | a manufacturer or maker of goods and services |
| consumer | the final user of a product |
| exchange | to give goods or services and to get goods or services of equal value in return of equal value in return |
| goods | tangible items sold for profit |
| service | intangible items sold for profit |
| market | any situation that brings buyers and sellers togther |
| commodity | and item that is traded |
| labor | the factor of production which is peoples physical and mental contribution to the creation of goods and services |
| private sector | a part of the economy that is funded by private individuals . therefore it is owned and controlled by private firms |
| public sector | a part of the economy that is financed by government through tax payers and is controlled and oliberated by the government or its agents |
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