| Term | Definition |
|---|
| supply | an amount of something available for use |
| demand | the ability and desire to purchase goods and services |
| consumers | People who use goods or services for their personal benefit |
| capital | wealth in the form of money or property owned by a person or business and human resources of economic value |
| labor | productive work (especially physical work done for wages) |
| natural resources | the renewable and nonrenewable gifts of nature that can be used to produce goods and service, including but not limited to landform and bodies of water. |
| land | material in the top layer of the surface of the earth in which plants can grow (especially with reference to its quality or use) |
| management | someone who organizes the production of a business |
| economics | the branch of social science that deals with the production and distribution and consumption of goods and services and their management |
| goods | physically tangible objects that can be used to satisfy economic wants, including but not limited to food, shoes, cars, houses, books, and furniture |
| services | Work or labor performed for someone |
| human resources | The physical and mental skills of people |
| scarcity | n. Insufficiency of supply for needs or ordinary demands. |
| gross income | The total amount of money a company receives from the sale of its goods and services. |
| net income | The money a company has left over after all its costs have been paid. |
| entrepreneur | a person who organizes, manages, and takes on the risks of a business |
| marketing | the commercial processes involved in promoting and selling and distributing a product or service |
| wholesale | selling or related to selling goods in large quantities for resale to the consumer |
| retail | the selling of goods to consumers |
| division of labor | Dividing up workers so that each worker completes one job, which is one part of a larger job |
Combine with other sets
Share on Facebook
Share on MySpace