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BE 204/205
Business Essential
| Term | Definition |
|---|---|
| capital goods | manufactured of constructed items that are used t 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 o produce goods and services |
| economic systems | the organized way in which a county handles its economic decision and solves its economic problems |
| entrepreneur | an individual who invents develops and distributes a good or provides a service assumes the risk of starting and building a business ad receives personal and financial rewards for her/his efforts |
| human resources | people who work to produce goods or services |
| Market economy | an economic system in which the questions what how and for whom good will be produced are answered by individuals and businesses in the market place |
| marketplace | anywhere the buying and/or selling or foods 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 make the success or failure of businesses and the products that will be produced |
| private enterprise | an economic systems in which individuals and groups rather than the government own r control the means of production's also capitalistic system or free enterprise system |
| private property a | anything of value that people own |
| profit | momentary 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 products it sells or for the raw materials from which it produces goods to sell the amount of money a business pays for the products pr for any part of the products it sells |
| creditors | individuals or businesses to whom a business owes money or from whom it wants to borrow oeny |
| demand | the quantity of a good or service that buyers are ready to buy at a given price at a particular time |
| s |
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Eli_davis
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