Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
idk
| Term | Definition |
|---|---|
| Capital goods | manufactured or constructure items that are used to produce goods and provide services |
| Competition | the rivalry between two ore more businesses to attract scarce customer dollars |
| Economic resources | The human and natural resources and capital goods used to produce goods and services |
| Entrepreneur | An individual who invents develops and distributes a good or provides a service assumes the risk of starting and building 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 anwsered by induvusial and busness in the marketplace |
| market place | 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 used to produce goods and services |
| price directed system | a descriptive term for American private enterprise economy because price determines what people buy the jobs they take the success or failure of business and products that will be produced |
| private enterprise | an economic system in which individuals and groups 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 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 business pays for the product 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 products it sells |
| Creditors | individuals or businesses to whom a business owes money or from whom it wants to borrow money |
| demand | the quaintly of a good or service that buyers are ready to buy at any 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 in 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 good 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 and values |
| 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 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 goverment |
| economic system | the organized way in which countries handles its economic decisions and solves its economic problems |
Created by:
user-1964952
Popular Business sets