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KEY 2.04 AND 2.05
Obj 2.04 AND 2.05
| Term | Definition |
|---|---|
| Capital goods: | Manufactured or constructed itens that are used to produce goods and provide services. |
| Competition: | The rivalry between two or more businesses to attract scarce customer dollars . |
| Economic resources: | The human and natural resources and capital goods used to produce goods and services. |
| Economic system: | The organized way in which a country handles its economic decisions and solves its econoic problems. |
| Entrepreneur: | An individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her /his efforts. |
| Human resources: | People who work to produce goods or services. |
| Market economic : | An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace. |
| Marketplace: | Anywhere the buying and / or sellimg of goods and services takes place . |
| Mixed system: | An economic system in which individuals make most economic decisions but some government control and ownership exist. |
| Natural resources: | Items that are found in nature and usd to produce goods and services. |
| Price-directed system: | A descriptive term for the Ametican private enterprise economybecause price determines what people buy, the jobs they take, the success or failure of businesses, and the products that will be produced . |
| Private enterprise: | An economic system in which individuals and groups, rather taht the government, ownor control the means of production; also known as fre market economy,private profit system, market system, capitalistic system, or free enterprise system. |
| Private property: | Anything of value that people own . |
| Profit: | Monetary rewaed a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid . |
| Profit motive: | The desire to make a profit which moves people to invest in business. |
| Cost of goods: | The amount of money a business oays for the product it sells or for ther raw materials from which it produces goods to sell; the amount of money a business pays for the products(or for any part of the products) it sells . |
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