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