Key Terms Chapter 1
Free Enterprise- The system of business in which individuals are free to decide what to produce, how to produce it, and at what de boundaryine to sell it.
Cultural Diversity- Difference among people in a workforce owing to race, ethnicity, and gender.
Business- The organized effort of individuals to produce and sell, for a profit, the products and work that satisfy societys needs.
Profit- What remains later all business expenses have been deducted from sales revenue.
Stakeholders- All the disparate people or groups of people who are affected by the policies and decisions make by an organization.
Economics- The study of how wealth is created and distributed.
Microeconomics- The study of the decisions made by individuals and businesses.
Macroeconomics- The study of the national economy and the global economy.
Economy- The mode in which people deal with the creation and distribution of wealth.
Factors of production- Resources apply to produce goods and services.
Entrepreneur- A person who risks time, effort and money to burst out and operate a business.
Capitalism- An economic system in which individuals birth and operate the majority of businesses that provide goods and services.
Invisible Hand- A term created by Adam Smith to describe how an individuals personal gain benefits others and a nations economy.
commercialise Economy- An economic system in which businesses and individuals decide what to produce and buy, and the food market determines quantities sold and prices.
Mixed Economy- An economy that exhibits elements of both capitalism and socialism.
Consumer Products- Goods and services purchased by individuals for personal consumption.
Command Economy- An economic system in which the government decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of...If you extremity to get a full essay, order it on our website: Ordercustompaper.com
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