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Terms in this set (39)
Everything available in a country that can be used to produce goods and services.
Natural resources and products that come from the earth.
The people who work to provide the goods and services.
Money, tools, machines, equipment, buildings.
Factors of Production
The land, labour and capital required to operate a company.
The part of the economy run by people who own their own businesses.
The part of the economy run by government organizations.
When more than one business sells the same or similar products or services.
When only one business sells a particular product or service.
Raw materials that come from the land and water.
People or businesses who extract natural resources, or make or grow products from scratch.
Businesses that change raw materials in some way to make new products.
Businesses that purchase large quantities of goods from many manufacturers and sell them from a central warehouse or distribution centre.
Businesses that sell goods or services directly to consumers.
Channel of Distribution
The route a product takes from creation to the consumer.
Any organization that sells goods or services for the purpose of making a profit.
A person who purchases goods and services.
The reliance of businesses and consumers on each other.
The place where businesses and consumers meet to buy and sell goods and services.
Tangible items that have a monetary value.
Intangible items that have a monetary value.
When a business has more revenue than expenses for a given period of time.
A product or service that is necessary for survival.
A product or service that is nice to have but not necessary for survival.
The quantity of a product that consumers are willing to buy at a particular price.
Law of Demand
As the price of a good or service increases, demand decreases.
Law of Supply
As the price of a good or service increases, supply increases.
The quantity of a product or service that businesses are willing to provide at a certain price.
Money a business makes from selling goods or services.
Expenditures involved in running a business.
Any business that does not operate to make profit.
A business that employs less than 500 people.
A business owned by one person.
A business owned by two or more people.
A business owned by shareholders and run by a board of directors.
A business owned by its workers, or by members who buy from the business.
A business chain that licenses others to use its name and operating procedures.
When a business has more expenses than revenue for a given period of time.
Revenue - Expenses
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