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Wants |
things that improve the quality of our lives-- they make life easier and more comfortable | | |
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Needs |
things which are necessary for survival-- food, water | | |
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Goods |
things touched, tasted, worn, looked at, or used | | |
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Services |
work that is done to or for others | | |
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Consumer |
people who use goods and services that are produced | | |
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Producer |
people that make or offer products or services | | |
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Money |
the tool that is very important in making and getting goods and services | | |
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Investment |
giving money expecting to gain more | | |
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Profit |
return received from an investment | | |
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Productivity |
the power to produce | | |
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Demand |
willingness to purchase an item or service | | |
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Supply |
the number of goods offered | | |
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Entrepreneur |
one who organizes, manages and assumes the risk of having their own company | | |
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Corporation |
a group working together acting as a single group | | |
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Expenses |
cost or money for a business | | |
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Gross Profit |
total money before deduction of expenses or investments | | |
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Net Profit |
excess of money after the amount of investment is taken away | | |
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Loss |
when the investment exceeds the profit | | |
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Capitalism |
the investment of money or anything else by individuals hoping to get a profit | | |
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Private Enterprise |
where people can operate their own business--they must take the risk | | |
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Free Enterprise |
people choose to group with others, taking risks in a business and then hoping to make a profit | | |
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Economic System |
the exchange of goods and services to provide people with what they need and want | | |
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