McGraw Hill's Taxation of Individuals and
Business Entities, Edition Chapter 1-5
individuals or organizations who try to earn a profit by providing products that
satisfy people's needs - ANSWER>>business
a good or service with tangible and intangible characteristics that provide
satisfaction and benefits - ANSWER>>product
the difference between what it costs to make and sell a product and what a
customer pays for it - ANSWER>>profit
organizations that may provide goods or services but do not have the
fundamental purpose of earning profits - ANSWER>>nonprofit organization
groups that have a stake in the success and outcomes of a business -
ANSWER>>stakeholders
the study of how resources are distributed for the production of goods and
services within a social system - ANSWER>>economics
land, forests, minerals, water, and other tangible assets usable in their natural
state - ANSWER>>natural resources
the physical and mental abilities that people use to produce goods and services;
also called labor - ANSWER>>human resources
the funds used to acquire the natural and human resources needed to provide
products; also called capital - ANSWER>>financial resources
, the funds used to acquire the natural and human resources needed to provide
products; also called financial resources - ANSWER>>capital
a description of how a particular society distributes its resources to produce
goods and services - ANSWER>>economic system
first described by Karl Marx as a society in which the people, without regard to
class, own all the nation's resources - ANSWER>>communism
an economic system in which the government owns and operates basic industries
but individuals own most businesses - ANSWER>>socialism
an economic system in which individuals own and operate the majority of
businesses that provide goods and services - ANSWER>>capitalism (free
enterprise)
pure capitalism, in which all economic decisions are made without government
intervention - ANSWER>>free-market system
economies made up of elements from more than one economic system -
ANSWER>>mixed economies
the number of products- goods and services- that businesses are willing to sell at
different prices at a specific time - ANSWER>>supply
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 - ANSWER>>equilibrium price
the rivalry among businesses for consumers' dollars - ANSWER>>competition
the market structure that exists when there are many small businesses selling one
standardized product - ANSWER>>pure competition
Business Entities, Edition Chapter 1-5
individuals or organizations who try to earn a profit by providing products that
satisfy people's needs - ANSWER>>business
a good or service with tangible and intangible characteristics that provide
satisfaction and benefits - ANSWER>>product
the difference between what it costs to make and sell a product and what a
customer pays for it - ANSWER>>profit
organizations that may provide goods or services but do not have the
fundamental purpose of earning profits - ANSWER>>nonprofit organization
groups that have a stake in the success and outcomes of a business -
ANSWER>>stakeholders
the study of how resources are distributed for the production of goods and
services within a social system - ANSWER>>economics
land, forests, minerals, water, and other tangible assets usable in their natural
state - ANSWER>>natural resources
the physical and mental abilities that people use to produce goods and services;
also called labor - ANSWER>>human resources
the funds used to acquire the natural and human resources needed to provide
products; also called capital - ANSWER>>financial resources
, the funds used to acquire the natural and human resources needed to provide
products; also called financial resources - ANSWER>>capital
a description of how a particular society distributes its resources to produce
goods and services - ANSWER>>economic system
first described by Karl Marx as a society in which the people, without regard to
class, own all the nation's resources - ANSWER>>communism
an economic system in which the government owns and operates basic industries
but individuals own most businesses - ANSWER>>socialism
an economic system in which individuals own and operate the majority of
businesses that provide goods and services - ANSWER>>capitalism (free
enterprise)
pure capitalism, in which all economic decisions are made without government
intervention - ANSWER>>free-market system
economies made up of elements from more than one economic system -
ANSWER>>mixed economies
the number of products- goods and services- that businesses are willing to sell at
different prices at a specific time - ANSWER>>supply
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 - ANSWER>>equilibrium price
the rivalry among businesses for consumers' dollars - ANSWER>>competition
the market structure that exists when there are many small businesses selling one
standardized product - ANSWER>>pure competition
