chapter 21 Flashcards
capital goods
the factories, machines, technology, tools, equipment, and other man- made goods used to make other goods or services.
competition
a situation where multiple people or organizations try to outperform each other.
entrepreneur
a person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit.
human resources
the employers and employees who help produce goods and services.
loss
the employers and employees who help produce goods and services.
natural resource:
a naturally-made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want.
natural resources
a naturally-made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want.
productive resources
a resource used to produce a good or service
profit
the money left over after a business has paid all its expenses
risk
the possibility or chance of loss, danger, or injury.
visionary
a person who has an exceptional ability to plan or have ideas for the future
