chapter 21 Entrepreneurship Flashcards
capital goods
the factories, machines, technology, tools, equipment, and any 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
human resources
the employers and employees who help produce goods and services
loss
an amount of money lost by a business or organization
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
productive resource
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
