Ch. 1 The Environment of Business

10 terms by paloma824

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material resources

Raw materials, buildings, and machinery

Human resources

The individuals who provide labor for an organization in exchange for wages

manufacters

organizations that combine raw materials, machinery, and labor to produce goods

profit

when a firm's sales revenues are greater than its expenses

stakeholders

all of the differect people or groups who are affected in some way by the business.

market

an economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices

mixed economy

an economy that exhibits elements of both capitalism and socialism

productivity

the average level of output per worker per hour

monopoly

a market or industry with only one seller

domestic system

the system in which raw materials are distributed by entrepreneurs to homes in which family members process those materials into finished products

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