CHAPTER 1 Capitalism- The free-market economics system; anyone with "capital" is free to start a business.
Free enterprise system- Economic system which business are privately owned and operate relatively free of government interference.
Entrepreneur- A person who organizes and manages a business, assuming the risk for the sake of of the potential return
CHAPTER 2 Cost of goods sold- The cost os selling "one additional unit" for a product-based business.
EOU Economic of one unit of sale- THe figuring of markup and profit around a business's unit of sale.
Gross profit- Total sales revenue minus total cost of goods sold.
Net profit- the profit left after all cost including taxes, have been subtracted.
CHAPTER 3 Return of investment- Profit on an investment, expressed as a percentage.
rule of 72
CHAPTER 4 opportunity cost- The value of what must be given up in order to obtain something else.
SWOT analyze- A consideration of a situation based on strengths, weakness,opportunity, and threats.
CHAPTER 6 Command Economy- An economy in which the government owns most or all businesses and sets prices and quantities produced
Supply- A schedule of the quantities that a business will make available to sonsumers at various prices.
Demand- The willingness and desire for a commodity together with the availability to pay for it: the amount consumers are ready and willing to buy at the prices offered as in the term.
Market clearing prices- The price at which the amount of a product or service demanded by consumers equals the amount the supllier is willing to sell at that price: the price at which the supply and demand line across.
Free Enterprise system- in which businesses are privately owned and operate realatively free of government interference.
Monopoly- A market with only one producer: the control of the pricing and distribution of a product or service in a given market as a result of lack of competition.
CHAPTER 7 Patent- An exxlusive right, granted by the government to produce, use, and sell an invention or process.
CHAPTER 1
Capitalism- The free-market economics system; anyone with "capital" is free to start a business.
Free enterprise system- Economic system which business are privately owned and operate relatively free of government interference.
Entrepreneur- A person who organizes and manages a business, assuming the risk for the sake of of the potential return
CHAPTER 2
Cost of goods sold- The cost os selling "one additional unit" for a product-based business.
EOU Economic of one unit of sale- THe figuring of markup and profit around a business's unit of sale.
Gross profit- Total sales revenue minus total cost of goods sold.
Net profit- the profit left after all cost including taxes, have been subtracted.
CHAPTER 3
Return of investment- Profit on an investment, expressed as a percentage.
rule of 72
CHAPTER 4
opportunity cost- The value of what must be given up in order to obtain something else.
SWOT analyze- A consideration of a situation based on strengths, weakness,opportunity, and threats.
CHAPTER 6
Command Economy- An economy in which the government owns most or all businesses and sets prices and quantities produced
Supply- A schedule of the quantities that a business will make available to sonsumers at various prices.
Demand- The willingness and desire for a commodity together with the availability to pay for it: the amount consumers are ready and willing to buy at the prices offered as in the term.
Market clearing prices- The price at which the amount of a product or service demanded by consumers equals the amount the supllier is willing to sell at that price: the price at which the supply and demand line across.
Free Enterprise system- in which businesses are privately owned and operate realatively free of government interference.
Monopoly- A market with only one producer: the control of the pricing and distribution of a product or service in a given market as a result of lack of competition.
CHAPTER 7
Patent- An exxlusive right, granted by the government to produce, use, and sell an invention or process.