Manufactured or constructed items that are used to produce goods and services.

The rivalry between two or more businesses to attract scarce customer dollars.

The organized way in which a country handles its economic decisions and solves its economic problems.

An individual who invents, develops, a good or provides a service.

People who work to produce goods or services.

An economic system in which the questions of what, how, and whom the goods will be produced for.

Anywhere the buying and/or selling of goods and services takes place.

An economic system in which individuals make most economic decisions but some government control and ownership exist.

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 they take, the success of failure of the business.

An economic system in which individuals and groups rather than the government, own control or control the means of production

Anything of value that people own

Monetary reward a business owner recieves for taking the risk involved in investing in a business; income left once all expenses are paid

The desire to make a profit which moves people to invest in business.

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BE 204

Business Essentials

Term	Definition
Capital goods	Manufactured or constructed items that are used to produce goods and services.
competition	The rivalry between two or more businesses to attract scarce customer dollars.
Economic resources	The organized way in which a country handles its economic decisions and solves its economic problems.
economic system	The organized way in which a country handles its economic decisions and solves its economic problems.
entrepreneur	An individual who invents, develops, a good or provides a service.
human resources	People who work to produce goods or services.
market economy	An economic system in which the questions of what, how, and whom the goods will be produced for.
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 descriptive term for the American private enterprise economy because price determines what people buy, the jobs they take, the success of failure of the business.
private enterprise	An economic system in which individuals and groups rather than the government, own control or control the means of production
private property	Anything of value that people own
profit	Monetary reward a business owner recieves 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.

Created by: user-2015051

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