| A | B |
|---|
| Business | Òany activity that provides goods or services to consumers for the purpose of making profitÓ |
| Management | Òplanning for Ð organizing Ð staffing- directing and controlling a company's resources so that it can achieve its goalsÓ |
| Operations | Òdesigns and oversees the transformation of resources (labor |
| Marketing | Òeverything a company does to identify a customers' needs and design products to meet those needsÓ |
| Accounting | Òmeasure-summarize and communicate financial and managerial informationÓ |
| Financing | Òplanning-obtaining and managing a company's fundsÓ |
| Economics | Òthe study of scarce resources are used to produce goods and servicesÓ |
| Resources | Òthe inputs used to produce outputsÓ |
| Factors of Production | Òland labor capital and entrepreneurshipÓ |
| Free Market System | Òalso known as capitalism-business is conducted with only limited government involvementÓ |
| Basic Economic Problem | Òthe problem which faces individuals-business and governments of satisfying unlimited wants with limited resourcesÓ |
