chapter 21 Entrepreneurship 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 service in hopes of gaining a profit
entrepreneur
the 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
the possibility or chance of loss, danger, or injury
risk
