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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 servicers |
| 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 discission and solves its economic problems |
| entrepreneur | an individual who; invents, develops and distributes a goods or provides a service; assumes the rick 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 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 |
| 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 |
| private enterprise | an economic system in which individuals and groups rather than the government own or control the means of production also |
| profit | anything of value that people own |
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