What is Business?
This is the exchange between a buyer and seller.
What is a transaction?
These businesses focus on helping society instead of making money.
What are not-for-profit organizations?
This factor includes land, water, and minerals.
What are natural resources?
Another name for the private enterprise system.
What is capitalism?
The ability to analyze and evaluate information.
What is critical thinking?
Businesses provide goods and this
What are services?
Profit equals revenue minus this.
What are expenses?
This factor refers to workers.
What are human resources?
This economist introduced the “invisible hand.”
Who is Adam Smith?
The ability to create new ideas.
What is creativity?
These are physical products like cars and food.
What are goods?
Without this, a business cannot survive.
What is profit?
This includes tools, money, and buildings.
What is capital?
This allows people to own and use property.
What is private property?
Working with people from different backgrounds is called this.
What is diversity?
This term describes all profit-seeking activities.
What is business?
This type of organization includes charities and museums.
What is nonprofit/private sector organization?
This factor involves risk-taking and starting businesses.
What is entrepreneurship
This ensures businesses compete fairly.
What is fair competition?
Moving jobs or production to another country.
What is offshoring?
This describes how business improves a nation’s standard of living.
What is providing goods, services, and employment?
This is the reward for risk-taking in business.
What is profit?
Payments made for using natural resources.
What is rent?
Payments made to human resources.
What are wages?
Using external companies to perform tasks is called this
What is outsourcing?