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Business Enterprise
Business Essential
| Term | Definition |
|---|---|
| Capital Goods | Manufactured or constructed items that are used to produce goods |
| 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 decisions and solves its economic problems |
| Entrepreneur | An individual 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 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 the marketplace |
| 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 or failure of a business, and the products that will be produced |
| Private enterprise | An economic system in which individuals and groups, rather than the government own or control the means of productions ; also 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 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 |
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