Business 101 - Chapter 1
free enterprise - ANS-the system of business in which individuals are free to decide
what to produce, how to produce it and at what price to sell it
cultural diversity - ANS-differences among people in a workforce owing to race, ethnicity
and gender
business - ANS-the organized effort of individuals to produce, and ell, for a profit, the
goods and services that satisfy society's needs
profit - ANS-what remains after all business expenses have been deducted fro sales
revenue
stakeholders - ANS-all the different people or groups of people who are affected by the
policies and decisions made by a orgaization
economics - ANS-the study of how wealth is created and distributed
microeconomics - ANS-the study of the decisions made by individuals and businesses
macroeconomics - ANS-the study of the national economy and the global economy
economy - ANS-the way in which people deal with the creation and distribution of
wealth
factors of production - ANS-resources used to produce goods and services
entrepeneur - ANS-a person who risks time effort and money to start and operate a
business
capitalism - ANS-an economic system in which individuals own and operate the majority
of businesses that provides goods and services
invisible hand - ANS-a term created by Adam Smith to describe how an individuals
personal gain benefits others and a nations economy
market economy - ANS-an economic system in which businesses and individuals
decide what to produce and buy, and the market determines quantities sold and prices
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