Individuals or organizations who try to earn a profit by providing products that satisfy people's needs.

A good or service with tangible and intangible characteristics that provide satisfaction and benefits.

It's the primary goal of all businesses. It's the difference between what it costs to make and sell a product and what a customer pays for it.

Organizations that may provide goods and services but do not have the fundamental purpose of earning profits.

Groups that have a stake in the success and outcomes of a business.

Satisfy the customers who buy its goods or services.

Describes how a particular society distributes its resources to produce goods and services.

Described by Karl Marx as a society in which the people without regard to class, own all the nation's resources.

The government owns and operates basic industries but individuals own most businesses.

Individuals own and operate the majority of businesses that provide goods and services.

Nnumber of goods and services that consumers are willing to buy at different prices at a specific time.

Number of products (goods and services) that businesses are willing to sell at different prices at a specific time.

Price at which the number of products that businesses are willing to supply equals the number of products that consumers are willing to buy at a specific point in time

The rivalry among businesses for consumers' dollars.

When there are many small businesses competing to sell one standardized product, such as wheat, corn, and cotton.

When there are differences among the goods and products that firms sell are, but the differences are relatively small.

When there are very few businesses selling a product and individual businesses have control over their products' price.

When there is only one business providing a product in a given market.

When people are spending more money, and their purchases stimulate the production of goods and services, which in turn stimulates employment.

Continuing rise in prices, reducing the buying power of money.

A slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers.

Sum of all goods and services produced in a country within a year.

When a nation spends more than it takes in from taxes.

Difference between exports and imports.

Measure of changes in prices of goods and services purchased for consumption by typical urban households.

Income level of "average" Americans.

Indicates how many working-age Americans are not working who otherwise want to work.

Amount of goods and services produced for each hour worked.