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BE 204

Business Essentials

TermDefinition
capital goods manufactured or contructed items that are used to produce goods and provide services
competition the rivarlry between two or more businesses to attract scarce customer dollars
economic resources the human and natural resources and capital goods used t produce goods and services
economic system the organized way in whih a country handles its economic decisions and solves its economic problems
entrepreneur An individal who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business ; and receives personal and financial rewards for her/his efforts.
human resources people who work to produces goods and services
market economy an econmic system in which the questions what, how, and for whom goods will produced are answered by indidviduals an businesses in marketplace.
marketplace anywhere the buying and/or selling of goods and services takes place.
mixed system an economic system in which individuals make mos economics decisions but some government control and ownership exist.
natural resources items that are found in nature and used to produces goods and services.
price-directed system a descriptive term for the american private enterprise. economy because price determines whta people buy, the jobs they take, the success or failure, and the products that will be produced.
private enterprise an economic system in which indidviuals and groups, rather than the government, own or control the mean so production; also known as free enerprise system
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 profit which moves people to invest in business
Created by: user-2014715
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