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The Dynamics of Business and Economics
Chapter 1
9
Business
Undergraduate 1
09/09/2014

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Term
Define: Product
Definition
A good or service with tangible and intagible characteristics that provide satisfaction and benefits
Term
Define: Business
Definition
Individuals or organizations who try to ear a profit by providing products that satisfy people's needs
Term
What is the primary goal of a business?
Definition
To earn a profit
Term
Organizations that provide goods or services but do not have the fundamental purpose of earning a profit is?
Definition
Nonprofit Organization
Term
Groups or individuals that have a stake in the success and outcomes of a business are known as?
Definition
Stakeholders
Term
What is Pure Competition?
Definition
The market structure that exists when there are many small businesses selling one standardized product
Term
What is Monopolistic Competition?
Definition
The market structure that exists when there are fewer businesses than in a pire=competition environment and the differences amoung the goods they sell are small
Term
The market structure that exists when there are very few businesses selling are product is known as?
Definition
An Oligopoly
Term
The sum of all goods and services produced in a country during a year is known as?
Definition
Gross Domestic Product or GDP
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