Definitions

Greg SellazzoFebruary 28, 2012 Key Terms Chapter 1 deliver Enterprise- The strategy of business in which individuals atomic number 18 free to play up ones mind what to kick upstairs, how to produce it, and at what de boundaryine to mete away it. Cultural Diversity- Difference among muckle in a custody owing to race, ethnicity, and gender. Business- The organized sweat of individuals to produce and sell, for a profit, the products and forge that satisfy societys needs. Profit- What remains later only business expenses have been deducted from gross sales revenue. Stakeholders- All the disparate great deal or groups of people who are affected by the policies and decisions make by an organization. Economics- The study of how wealthiness is created and distributed. Micro frugals- The study of the decisions made by individuals and businesses. Macroeconomics- The study of the national scrimping and the global economy. Economy- The mode in which people deal with the innovation and distribution of wealth. Factors of production- Resources apply to produce goods and run. Entrepreneur- A person who risks time, suit and money to burst out and operate a business. Capitalism- An economic system in which individuals rescue and operate the major(ip)ity of businesses that supply goods and function.

Invisible Hand- A circumstance created by Adam metalworker to describe how an individuals personalised gain benefits others and a nations economy. modify Economy- An economic system in which businesses and individuals decide what to produce and buy, and the viands market determines quantities sold and prices. complex 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 allow for 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: Orderessay

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