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BE 204/205

Business Essential

TermDefinition
Capital goods Manufactures or constructed items 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.
Economic system The organized way in which a country handles its economic decisions and solves its economic 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 reward for his/her effort.
Human resources People who work to produce goods or services.
Market economy An economic system in which the questions of what, how, and for whom goods will be produces are answered by individuals and businesses in the marketplace.
Marketplace Anywhere the buying and/or selling of goods and services take place.
Mixed systems An economic system in which individuals make most economic decisions but some government control and ownership exists.
Natural resources Items that are found in nature and used to produce goods and services.
Price directed system A descriptive term for the American private enterprise economy because 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 than the government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system.
Private property Anything of value that people own .
Profit Monetary reward 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 pays for the product it sells or for raw materials from which it produces goods to sell; the amount of money a business pays for the products (or any type of the products) it sells.
Creditors Individuals or businesses to whom a business owns money or from whom it wants to borrow money.
Demand The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
Economy The system in which people make and spend their income.
Efficiency Accomplishing a task with a minimum expenditure of time and effort.
Expenses The money that a business spends.
Gross profit Money left after the cost-of-goods expense is subtracted from total income.
Income The money received by resource owners and by producers for supplying goods and services to consumers.
Net profits Money left after the cost-of-goods expense and operating expense are each subtracted from the total income.
Operating expenses All of the expenses involved in running a business.
Pricing A marketing function that involves determining and adjusting pricing to maximize return and meet customers' perceptions of values.
Private enterprise systems An economic system in which individuals and groups, rather tan the government, own or control the means of production- the human and natural resources and capital goods used to produce goods and services.
Profit Monetary value a business owner receives for taking a risk involved in investing in a business.
Profit motive The desire to make a profit, which move people to invest in business.
Resources Items that are used to accomplish another activity, such producing/providing goods and services.
Risk The possibility of loss or failure.
Suppliers Vendors; businesses from which other businesses buy goods or services.
Taxes Monies that individuals or businesses must pay to the government.
Created by: user-1964959
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