Term
|
Definition
| ALL PROFIT-SEEKING ACTIVITIES AND ENTERPRISES THAT PROVIDE GOODS AND SERVICES NECESSARY TO AN ECONOMIC SYSTEM |
|
|
Term
|
Definition
| REWARDS FOR BUSINESS PEOPLE WHO TAKE THE RISKS INVOLVED TO OFFER GOODS AND SERVICES TO CUSTOMERS |
|
|
Term
| NOT-FOR-PROFIT ORGANIZATIONS |
|
Definition
| ORGANIZATION THAT HAS PRIMARY OBJECTIVES SUCH AS AS PUBLIC SERVICE RATHER THAN RETURNING A PROFIT TO ITS OWNERS |
|
|
Term
| TANGIBLE GOODS VS. SERVICES |
|
Definition
TANGIBLE GOODS: PHYSICAL PRODUCTS
SERVICES: NOT PHYSICAL (EX: HAIR STYLISTS) |
|
|
Term
| BUSINESS INVOLVES AN EXCHANGE BETWEEN ________ AND _________ |
|
Definition
|
|
Term
|
Definition
| RECOGNIZES A NEED FOR A GOOD OR SERVICES AND TRADES MONEY WITH A SELLER TO OBTAIN THAT PRODUCT |
|
|
Term
|
Definition
| PROVIDES GOODS/SERVICES IN HOPES OF GAINING PROFITS |
|
|
Term
| PROFITS IN TERMS OF ACCOUNTING |
|
Definition
|
|
Term
| A COMPANY NEEDS ________ TO SURVIVE |
|
Definition
|
|
Term
| WHY IS IT IMPORTANT FOR NON-PROFITS TO RAISE MONEY |
|
Definition
| SO THEY CAN OPERATE AND ACHIEVE THEIR SOCIAL GOALS |
|
|
Term
| PRIVATE SECTOR NOT-FOR-PROFITS |
|
Definition
| MUSEUMS, LIBRARIES, CHARITY, RELIGIOUS ORGANIZATION |
|
|
Term
| PUBLIC SECTOR NOT-FOR-PROFITS |
|
Definition
| GOVERNMENT AGENCIES, POLITICAL PARTIES, LABOR UNIONS |
|
|
Term
| WHAT ARE THE FOUR BASIC FACTORS OF PRODUCTION |
|
Definition
| NATURAL RESOURCES, CAPITAL, HUMAN RESOURCES, ENTREPRENEURSHIP |
|
|
Term
|
Definition
| FOUR BASIC INPUTS FOR EFFECTIVE OPERATION |
|
|
Term
|
Definition
| ALL PRODUCTION INPUTS THAT ARE USEFUL IN THEIR NATURAL STATE, INCLUDING AGRICULTURAL LAND, BUILDING SITES, FORESTS, AND MINERAL DEPOSITS |
|
|
Term
|
Definition
| PRODUCTION INPUTS CONSISTING OF TECHNOLOGY, TOOLS, INFORMATION, AND PHYSICAL FACILITIES |
|
|
Term
|
Definition
| PRODUCTIONS INPUTS CONSISTING OF ANYONE WHO WORKS, INCLUDING BOTH THE PHYSICAL LABOR AND INTELLECTUAL INPUTS CONTRIBUTED BY WORKERS |
|
|
Term
|
Definition
| WILLINGNESS TO TAKE RISKS TO CREATE AND OPERATE A BUSINESS |
|
|
Term
| PRIVATE ENTERPRISE SYSTEM |
|
Definition
| ECONOMIC SYSTEM THAT REWARDS FIRMS FOR THEIR ABILITY TO IDENTIFY AND SERVE THE NEEDS AND DEMANDS OF CUSTOMERS |
|
|
Term
| ____________ MINIMIZES GOVERNMENT INTERFERENCE IN ECONOMIC ACTIVITY |
|
Definition
|
|
