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8 Cards in this Set
- Front
- Back
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PROFIT
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the difference between what it cost to sell and make, and what a customer pays for it
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STAKEHOLDER
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groups that have a stake in the success and outcome of a business
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ECONOMIC SYSTEM
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a description of how a particular society distributes its resources to produce goods and services
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COMMUNISM
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first described by Karl Marx as a society in which the people, without regard to class, own all the nations resources
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FREE-MARKET SYSTEM
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pure capitalism, in which all economic decisions are made without government intervention
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DEMAND
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the number of goods and services that costumers are willing to buy at different prices at a specific time
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SUPPLY
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the number of products-goods and services-that businesses are willing to sell at different prices at a specific time
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EQUILIBRIUM PRICE
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the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time
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