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Ch 21 & 22 vocab

TermDefinition
capital goods the factories, machines, technology, tools, equipment and any other man-made goods used to make others goods and services
competition a situation where multiple people or organizations try to outperform each other
entrepreneur a person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit
human resource an employer or employee who helps produce goods and services
loss an amount of money lost by a business or organization
natural resources a naturally-made item, such as a tree, mineral or fresh water, that people can use to help meet a need or want
trade-off to give up one thing to get something else
profit the money left over after a business has paid all its expenses
risk the possibility or chance of loss, danger or injury
income money that is earned from work or investments
 

 



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