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BE 204

Business Essentials

TermDefinition
capital goods Manufactured or constructed items that are used to produce goods and provides services
Competition The rivalry between two or more businesses to attract scarce customer dollars
Economic resources The human and natural resources and capital goods
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 risk 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 y individuals and businesses in the market place
Market place Anywhere the buying and/ or selling goods and services take place
Mixed system An economic system in which individuals most economic decisions but some government control and ownership exist
Natural resources Items that are found in nature and used to produce goods
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 business, and the products that will be produced
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 move The desire to make profit which moves people to invest in business
Created by: user-2015074
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