Business and Economics Glossary: Key Terms and Definitions, Quizzes of Introduction to Business Management

Download Business and Economics Glossary: Key Terms and Definitions and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 business DEFINITION 1 individuals or organizations who try to earn a profit by providing products that satisfy people's needs TERM 2 products DEFINITION 2 a good or service with intangible and tangible characteristics that provide satisfaction and benefits TERM 3 profit DEFINITION 3 the difference between what it costs to make and sell a product and what a customer pays for it TERM 4 nonprofit organizations DEFINITION 4 organizations that may provide goods or services but do not have the fundamental purpose of earning profits TERM 5 stakeholders DEFINITION 5 groups that have a stake in success and outcomes of a business TERM 6 economics DEFINITION 6 the study of how resources are distributed for the production of goods and services within a social system TERM 7 natural resources DEFINITION 7 land, forests, minerals, water, and other things that are not made by people TERM 8 human resources DEFINITION 8 the physical and mental abilities that people use to produce goods and services; also called labor TERM 9 financial resources DEFINITION 9 the funds used to acquire the natural and human resources needed to provide products; also called capital TERM 10 economic system DEFINITION 10 a description of how a particular society distributes its resources to produce goods and services TERM 21 monopolistic competition DEFINITION 21 Definition TERM 22 oligopoly DEFINITION 22 Definition TERM 23 monopoly DEFINITION 23 Definition TERM 24 economic expansion DEFINITION 24 Definition TERM 25 inflation DEFINITION 25 Definition TERM 26 economic contraction DEFINITION 26 Definition TERM 27 recession DEFINITION 27 Definition TERM 28 unemployment DEFINITION 28 Definition TERM 29 depression DEFINITION 29 Definition TERM 30 gross domestic product (GDP) DEFINITION 30 Definition TERM 31 budget deficit DEFINITION 31 Definition TERM 32 entrepreneur DEFINITION 32 Definition