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10 Cards in this Set
- Front
- Back
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BUSINESS
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individuals or organizations who try to earn a profit by providing products that satisfy peoples needs.
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PRODUCT
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a good or service with tangible and intangible characteristics that provide satisfaction and benefits.
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PROFIT
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difference between what it costs to make and sell a product and what a customer pays for it.
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NONPROFIT ORGANIZATIONS
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organizations that may provide goods or services but do not have the fundamental purpose of earning profits.
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STAKEHOLDERS
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groups that have a stake in the success and outcomes of a business.
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ECONOMICS
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study of how resources are distributed for the production of goods and services within a social system
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NATURAL RESOURCES
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land, forests, minerals, water, and other things that are not made by people
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HUMAN RESOURCES
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the physical and mental abilities that people use to produce goods and services; also called labor.
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FINANCIAL RESOURCES
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the funds used to acquire the natural and human resources needed to provide products; also called capital
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ECONOMIC SYSTEM
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a description of how a particular society distributes its resouces to produce goods and services
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