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BE 204

Business Essential

TermDefinition
capital goods manufactured or constructed items that are used to produce goods and provide services
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 snd distributes a good or provides a service
human reasource people who work to produce goods or services
market economy an economic system in which of what how and whom goods will be prodced for are answered by individuals and buisnesses in the marketplace
marketplace anywhere the buying and or selling of goods and services takes place
mixed system a economic system in which indivudivals make most economic descisions but some goverment
natural reasources items that are found in nature and used to produce goods and services
price directed system a descriptive term for american private enterprice econmy because price determins what people buy, the jobs they take,they sucsess or failure of buisenesses and the products
private enterprise an economic system in which individuals and groups rather than the goverment own or control the means of production also known as free market
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
profit motive the desire to make a profit which moves people to invest in business
Created by: user-2014714
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