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key terms 2.04-2.05
Business managment
| Term | Definition |
|---|---|
| Capital goods | Manufactured 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 goods and services |
| Economic system | The organized way n 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 rewards for her his efforts |
| Human resources | People who work to produce goods and services |
| Market economy | 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 selling 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 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 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 he products it sells o for the raw materials from which i produces goods and sell the amount of money a business pays for the product or for any part of the product it sells |
| Creditors | Individuals o businesses to whom a business owes money or from whom it wants to borrow money |
| Demand | The quantity of a good or services that buyers are ready to buy at a given price at a particular time |
| Economy | The system n which people make and spend their income |
| Efficiently | Accomplishing a task with a minimum expenditure of time and effort |
| Expenses | The money that a business spends |
| Gross profits | Money left after the cost-of-goods expense i subtracted from total income |
| Income | The money received by resources owners and by producers for supplying goods and services t consumers |
| Net profit | Money left after the cost-of-goods expense and the operating expense ae 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 prices to maximize return and meet customers perceptions of value |
| Private enterprise system | An economic system in which individuals and groups rather than 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 reward a business owner receives for taking the risk involved in investing in a business |
| Profit motive | The desire to make a profit which moves people to invest in business |
| Resources | Items that are used to accomplished another activity such as producing providing goods and services |
| Risk | The possibility of loss or failure |
| Supplier | Vendors businesses from which other business buy goods or services |
| Taxes | Monies that individuals or businesses must pay to the government |
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