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Ch. 1 The Environment of Business
Raw materials, buildings, and machinery
The individuals who provide labor for an organization in exchange for wages
organizations that combine raw materials, machinery, and labor to produce goods
when a firm's sales revenues are greater than its expenses
all of the differect people or groups who are affected in some way by the business.
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
an economy that exhibits elements of both capitalism and socialism
the average level of output per worker per hour
a market or industry with only one seller
the system in which raw materials are distributed by entrepreneurs to homes in which family members process those materials into finished products