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Business Enterprise
| Term | Definition |
|---|---|
| Capital goods | Manufactured or constructed items that are used to produce goods and services |
| Competition | The rivarly between two or more businesses to attract customer dollars |
| Economic resources | The human and natural resources caiptal goods used to produce goods and services |
| Economic System | The organized way in which a country handle its economic decisions and solves its economic problems |
| Entrepreneur | An indiviuals who invents develops and distributes a good or service ; assumes the risk of starting and building a new business |
| Market economy | An economic system in which The questions what, how, and for whom goods will be produced are answered by indiviuals and businesses |
| Huamn resources | People who work to produce goods and services |
| Mixed system | An economic system in which individuals make most economic decisions but some government control ownership |
| Natural resoures | items that are found in nature and used to produce goods and services |
| Price-dirceted system | A desciptive term for the american private enterprise because price determines what people buy, the jobs they take, the success or failure of businesses and what will be produced |
| Private property | Anything of avlue that people own |
| Private Enterprise | An economic system in which individuals and groups rather than the governmnt own or control the means of production also known w=as the marketeconomy |
| profit | Monetary reward a business a owner receives for taking the risk involved in invetsing in a business income lfts once all expsnes are paid |
| Profit motive | The desire to make a profit which moves people to invest in business |