| Term | Definition |
|---|
| profit | the difference between what it costs to make and sell a product and what a customer pays for it |
| nonprofit organization | organizations that may provide goods or services and doeesnt earn profit |
| to achieve and mainitain profitability, businesses must | produce quality products, opertae oefficiently, and be socially responsible or ethical in dealing withb stakeholders |
| a businesses major role is to | satisfy the customers who buy its goods or services |
| management involves | coordinating employees' actionsto achieve the firm's goals, organizing people to work efficiently, and motivating them to achieve the business's goals |
| managers | plan and organize staff and control the tasks required to carry on a business |
| economics | the study of how resources are distributed for the production of goods and services within a social system |
| natural resources | land, forests, minerals, water and other things that are not made by people |
| human resources | the physical and mental abilities that people use to produce goods and services; labor |
| financial resources | the funds used to acquire the natural and human resources needed to provide products; also called labor |
| economic system | a description of how a particular society distributes it resources to produce goods and services |
Combine with other sets
Share on Facebook
Share on MySpace