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2.04&2.05 managment
Business Essentials
| Question | Answer |
|---|---|
| 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 good used to produce goods and services |
| 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 rewards for her/his efforts |
| 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 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 discriptive term for the American private enterprise economy because price determines what people |
| 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 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 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 ( or for any part of the products) it sells |
| Creditors | Individuals or business to whom a business owes 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 incomes |
| 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 profit | Money left after the cost-of-goods expense and the operating expense are each subtracted from 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 |
| Resources | Items that are used to accomplish another activity, such as 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 |
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