Business 101 Exam #1 Questions and Answers | Already passed | Latest Update
business : organization that proviedes goods or services to earn a profit profit : difference between a business's revenues and expenses external environment : everything outside an organization's boundaries that might affect it economic system : a nation's system for allocating its resources among its citizens factors of production : resources used in the production of goods and services- labor, capital, entrepreneurs, physical resources, and information resources 2 labor (human resources) : physical and mental capabilities of people as they contribute to economic production capital : funds needed to create and operate a business enterprise entrepreneur : indicidual who accepts the risks and opportunities involved in creating and operating a new business venture intrepreneur : part of a compan
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