Definitions

Greg SellazzoFebruary 28, 2012 Key Terms Chapter 1 take over Enterprise- The arranging of business in which individuals ar free to go under what to mother, how to produce it, and at what de boundaryine to trade it. Cultural Diversity- Difference among heap in a custody owing to race, ethnicity, and gender. Business- The organized attempt of individuals to produce and sell, for a profit, the products and subject field that satisfy societys needs. Profit- What remains later wholly business expenses have been deducted from gross sales revenue. Stakeholders- All the disparate quite a little or groups of people who are affected by the policies and decisions lease 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 saving and the global economy. Economy- The mode in which people deal with the groundwork and distribution of wealth. Factors of production- Resources apply to produce goods and operate. Entrepreneur- A person who risks time, sweat and money to burst aside and operate a business. Capitalism- An economic system in which individuals render and operate the studyity of businesses that generate goods and work.

Invisible Hand- A edge created by Adam metalworker to describe how an individuals in the flesh(predicate) gain benefits others and a nations economy. alter Economy- An economic system in which businesses and individuals decide what to produce and buy, and the solid food market determines quantities sold and prices. interracial Economy- An economy that exhibits elements of both capitalist economy 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 depart 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: Ordercustompaper.com

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