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10 terms

Ch. 1 The Environment of Business

STUDY
PLAY
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