Definitions

Greg SellazzoFebruary 28, 2012 Key Terms Chapter 1 complete Enterprise- The organisation of business in which individuals are free to influence what to rise, how to produce it, and at what de boundaryine to shop it. Cultural Diversity- Difference among populate in a manpower owing to race, ethnicity, and gender. Business- The organized driveway of individuals to produce and sell, for a profit, the products and name that satisfy societys needs. Profit- What remains later altogether business expenses have been deducted from gross sales revenue. Stakeholders- All the disparate passel or groups of people who are affected by the policies and decisions grow by an organization. Economics- The study of how riches is created and distributed. Micro economicals- The study of the decisions made by individuals and businesses. Macroeconomics- The study of the national miserliness and the global economy. Economy- The mode in which people deal with the concept and distribution of wealth. Factors of production- Resources apply to produce goods and function. Entrepreneur- A person who risks time, trial and money to burst aside and operate a business. Capitalism- An economic system in which individuals have and operate the major(ip)ity of businesses that fork out goods and service.

Invisible Hand- A depot created by Adam metalworker to describe how an individuals personalized 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 nutrition market determines quantities sold and prices. blend 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 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

If you want to get a full essay, wisit our page: write my paper