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Definition
| individuals or organizations who try to earn a profit by providing products that satisfy people's needs |
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| a good or service with tangible and intangible characteristics that provide satisfaction and benefits |
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| the difference between what it costs to make and sell a product and what a customer pays for it |
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| organizations that may provide goods or services but do not have the fundamental purpose of earning profits |
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| groups that have an interest in the success and outcomes of a business |
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| the study of how resources are distributed for the production of goods and services within a social system |
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| land, forests, minerals, water and other things that are not made by people |
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| the physical and metal abilities that people use to produce goods and services; also called labour |
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| the funds used to acquire the natural and human resources needed to provide products; also called capital |
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| a description of how a particular society distributes its resources to produce goods and services |
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| first described by Karl Marx as a society in which the people, without regard to class, own all the nation's resources |
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| an economic system in which the government owns and operated basic industries but individuals own most businesses |
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| Capitalism (free enterprise) |
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Definition
| an economic system in which individuals own and operate the majority or businesses that provide goods and services |
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| pure capitalism, in which all economic decisions are made without government intervention |
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| economies made up of elements from more than one economic system |
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| the number of goods and services that consumers are willing to buy at different prices at a specific time |
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| the number of products that businesses are willing to sell at different prices at a specific time |
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| the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time |
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| the rivalry among businesses for consumer's dollars |
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| the market structure that exists when there are many small businesses selling one standardized product |
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| the market structure that exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell are small |
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| the market structure that exists when there are very few businesses selling a product |
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| the market structure that exists when there is only one business providing a product in a given market |
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| the situation that occurs when an economy is growing and people are spending more money; their purchases stimulate the production of goods and services, which in turn stimulates employment |
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| a condition characterized by a continuing rise in prices |
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| a slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers |
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| a decline in production, employment and income |
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| the condition in which a percentage of the population wants to work but is unable to find jobs |
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| a condition of the economy in which unemployment is very high, consumer spending is low and business output is sharply reduced |
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| Gross domestic product (GDP) |
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Definition
| the sum of all goods and services produced in a country during a year |
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| the condition in which a nation spends more than it takes from taxes |
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Definition
| an individual who risks his or her wealth, time and effort to develop for profit an innovative product or way of doing something |
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