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Business/Entrepreneur Flashcards | Quizlet
A tangible item that exists in nature or is made by people.
Intangible work that provides time, skills, or expertise in exchange for money.
They do not own businesses, they work for others who do.
A person who assumes the risks of organizing and managing a business for the sake of potential rewards.
Ability of a thing to maintain itself or recover its potentialities
The system created by making business decisions.
The study of how different groups answer the business questions.
Free Enterprise System (a.k.a. capitalism)
Economic system in which businesses are privately owned and operate relatively free of government interference.
Money or property owned or used in business.
Voluntary Exchange (trade)
A transaction between two parties who agree to trade.
Involuntary Exchange (robbery)
Opposite of volunary exchange such as robbery.
Small Business (gov’t definition)
Defined by the U.S. Small Business Administration’s Office of Advocacy as