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Business essentials
| Term | Definition |
|---|---|
| capital goods | Manufactured or constructed that are used to produce goods and services |
| competition | The rivalry between two or more businesses to attract scarce customer dollars |
| economic resources | the human ,natural and capital goods used to produce goods and services |
| economic system | the organized way a country handles its economic decisions |
| entrepreneur | an individual who : invents , develops and distributes a good or provides a service ,assumes the risk of starting and building |
| human resources | people who work to produce goods or services |
| market economy | A system where individuals and businesses answer economic questions through the marketplace |
| market place | Anywhere the buying and/or selling of goods and service 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 |
| private enterprise | an economic system in which individuals and groups , rather than the government , own or control the means of production ;also |
| private property | anything of value that people own |
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