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BE 204/205
Business Essential
| 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 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 risk of starting and building a business and receives personal and financial rewards for her his efforts |
| Human resources | People who work work to produce goods or services |
| Market economy | An economy 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 |
| Natural resources | Items that are found in nature and use 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 that 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 businesses 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 businesses 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 |
| 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 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 that 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 talking the risk involved in business |
| 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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