Individuals or organizations------try to earn a profit by providing products ----------to satisfy people’s needs.
A good or service---------tangible or intangible characters---------------provide satisfaction and benefits.
The difference between what it costs to make and sell a product and what customer pay for it.
Organizations that may provide goods or services but do not have the fundamental purpose of earning profits.
Groups that have a stake in the success and outcomes of a business.
The study--------how resources are distributed for the production of goods and services within a social system.
Land, forest, minerals, water, and other things that are not made by people.
The physical and mental abilities that people use to produce goods and services; also called labor.
The funds used to acquire the natural and human resources needed to provide products; also called capital.
A description of how a particular society distributes its resources to produce goods and services.
First described by Karl Marx as a society in which the people, without regard to class, own all the nation’s resources.
An economics system in which the government owns and operates basic industries but individuals own most business.
An economic system in which individuals own and operate the majority of business that provide goods and services.
Pure capitalism, in which all economic decisions are made without government intervention.
Economies made up of elements from more than one economic system.
The number of goods and services that consumers are willing to buy at different prices at a specific time.
The number of products------goods and services-------that businesses are willing to sell at different prices at a specific time.
The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time.
The rivalry among businesses for consumers’ dollars.
The market structure that exists when there are many small businesses selling one standardized product.
The market structure that exists when there are fewer business than in a pure competition environment and…