Business Terms

2. the system of production, distribution and consumption used by a society to allocate scarce resources.
3. the practice of identifying a new innovation opportunity, organizing financing and other resources and taking risk in hope of creating wealth.
7. any situation that brings buyers and sellers together for the purpose of exchange
9. resources used by a business, such as machines and equipment used in the production of goods and services.
11. an individual who buys goods and services for personal use and not for manufacture or resale.
16. the exchange of goods for other goods.
17. Focusing on one job and becoming expert at it
18. tangible products that satisfy customer's needs.
19. intangible products that satisfy consumers needs

1. the deficit made when the revenue is less than sales.
4. a business that uses resources to make goods or provide services for sale.
5. money remaining after all the expenses are paid.
6. a good, often an agricultural product or natural resource, that is traded and interchangeable with goods of the same type.
8. the process of giving up something to obtain another product.
10. is a person or group of people working together to achieve a common adjective.
12. the undertaking of activities associated with production, sale or distribution of products or services. Involves risk.
13. any item that is willingly accepted in exchange for goods and services
14. human mental and physical effort spent on production of goods and services for which payment is received.
15. exchange of ownership or goods and services. (buying and selling)