2.01
People who use goods and services to satisfy their wants.
Consumers
The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
Demand
An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition.
Traditional Economy
A business that employs 500 or fewer people.
Small business
The money received by resource owners and by producers for supplying goods and services to customers.
Income
A type of producer that constructs roads, bridges, buildings, houses, etc.
Builders
The economic process of trading one good/service for another.
Exchange
An economic system in which all or many of the means of production and distribution are owned and controlled by the government.
Command Economy
An individual who; invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts.
Entrepreneur
The possibility of loss (failure) or gain (success) inherent in conducting business.
Business Risk
A business that buys consumer goods or services and sells them to the ultimate consumer.
Retailer
The study of how to meet unlimited, competing wants with limited resources.
Economics
An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace.
Market Economy
An economic system in which individuals and groups, rather than the government, own or control the means of production - the human and natural resources and capital goods used to produce goods and services.
Private Enterprise / Free Enterprise
The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells.
Cost Of Goods
Businesses that buy and sell goods to others; retailers and wholesalers.
Trade Industries
Manufactured or constructed items that are used in the production of goods and services.
Capital Goods
A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well.
Socialism
What causes small businesses to fail?
Lack of funding, Poor Planning, Poor Management, Competition.
Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income (gross profit - operating expense = net profit)
Net Profit
A business that operates out of a physical facility (instead of online).
Brick and Mortar
Products purchased by producers for resale, to make other goods and services, and/or to use in business operations.
Industrial Goods & Services
A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution.
Communism
An entrepreneur assumes the _____ of starting and building a business.
Risks
A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
Oligopoly