Definitions

Greg SellazzoFebruary 28, 2012 Key Terms Chapter 1 Free Enterprise- The system of transmission line in which persons are free to decide what to formulate, 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 on all business expenses have been deducted from sales revenue. Stakeholders- All the different 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. Micro economics- The study of the decisions do by individuals and businesses. Macroeconomics- The study of the national economy and the global economy. Economy- The musical mode in which people deal with the creation and distribu tion of wealth. Factors of production- Resources sustain to produce goods and services. Entrepreneur- A person who risks time, effort and money to cave in 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 Econom y- An economy that exhibits elements of bot! h(prenominal) 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, distinguish it on our website: BestEssayCheap.com

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