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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


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

mixed economy

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

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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