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BE 204/205 10/28

Business essentials

TermDefinition
Capitial goods Manufactured or constructed that are used to produce goods and services
Competition The rivalry between two or more businesses to attract scarce customer dollars
Economic Resources: he human, natural, and capital goods used to produce goods and services.
Economic System The organized way a country handles its economic decisions.
Enreprenueur An idividual who: invents, develops, and distributes a good or provides a service; assumes the risk of starting and building a business; and receives personal and finacial rewards for her/his efforts
Huma resourses people who work to produce goods or services
Market Economy A system where individuals and businesses answer economic questions through the marketplace.
Market place Anywhere the buying and / or selling of goods and services takes place
Mixed System An economic system that blends market and command elements, where individuals make most decisions but government has some control.
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 take, the success or failure of businesse, and the products that will be produced
Private enterprise An economic system in which indivisuals and groups, rather than the government, own or control the means of production; also know as free market economy, private profit system, market system, capitalistic system, or free enterprise system
Private property Anything of value that people own
profit
Created by: user-1964948
Popular Business sets

 

 



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