Business Essentials Vocab Practice (2.04)

Match the following

• The rivalry between two or more businesses to attract scarce customer dollars

• Marketplace

• The desire to make a profit which moves people to invest in business

• Profit Motive

• Anywhere the buying and/or selling of goods and services takes place

• Competition

• Items that are found in nature and used to produce goods and services

• Private Property

• Anything of value that people own

• Natural Resources

Private Enterprise is an economic system in which individuals and groups, rather than the government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or ______________.

________________ is a descriptive term for the American private enterprise economy because price determines what people buy, the jobs they take, the success or failure of businesses, and the products that will be produced.

• Price-Directed System

• Mixed System

• Market Economy

• Economic System

___________________ is an economic system in which individuals make most economic decisions but some government control and ownership exist.

• Price-Directed System

• Mixed System

• Market Economy

• Economic System

________________ is an economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace.

• Price-Directed System

• Mixed System

• Market Economy

• Economic System

______________ is the organized way in which a country handles its economic decisions and solves its economic problems.

• Price-Directed System

• Mixed System

• Market Economy

• Economic System

Capital Goods are manufactured or _________________ that are used to produce goods and provide services.

Economic Resources is the ​ (a)   and ​ (b)   and ​ (c)   used to produce goods and services.

• human
• natural resources
• capital goods

An entrepreneur is an individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives __________________ for her/his efforts.

Reorder the following by defining "Human Resources".

• people who

• goods

• produce

• work to

• or services