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1. free enterprise-the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it. 2. e-business-the organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society’s needs through the facilities available on the Internet. 3. business-the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs. 4. consumers-individuals who purchase goods or services for their own personal use. 5. profit-what remains after all business expenses have been deducted from sales revenue. 6. economics-the study of how wealth is created and distributed. 7. economy-the system through which a society answers the two economic questions—how wealth is created and distributed. 8. factors of production-the resources used to produce goods and services natural resources, labor, capital, and entrepreneurship. 9. entrepreneur-a person who risks time, effort, and money to start and operate a business. 10. capitalism-an economic system in which individuals own and operate the majority of businesses that provide goods and services.
Approximate Word count = 706
Approximate Pages = 2.8
(250 words per page double spaced)
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