Artifacts
Objects produced by humans.
Competition
When two or more businesses strive for the same customer or
market.
Demand
The willingness on the part of people to buy certain quantities
of goods and services at various price levels.
Dividend
Payment made by corporations to shareholders. Dividends are
a distribution of the profits of the company.
Enterprise
Entrepreneurial skill — the skill and ability to take
a business risk and create profit.
Exports
Goods and services produced in one country and sent to another
country to be sold.
Gin (cotton)
A machine used for separating the seeds from cotton.
Imports
Goods and services bought from foreign countries.
Inputs
Factors of production such as land, labor, and capital that
are combined to produce output of goods and services.
Investment
Purchases of equipment, structures, and other long-lived inputs
that are used by workers to produce goods and services. Investment
requires giving up consumption in the present, but it is done
to lead to higher output and consumption in the future.
Labor
Workers in the economy who, with the use of equipment, structures,
and other capital, produce goods and services.
Manufacturing
Making or processing a product with the use of industrial machines.
Mill
A building or group of buildings equipped with machinery for
processing raw material into a finished or industrial product
— for example, a textile, lumber, or steel mill.
Profit
The basic incentive for operating a business in capitalism;
it consists of the amount of money left over after all costs
are paid.
Stock
Ownership of a corporation expressed as shares.
Stock market
Place where stocks are bought and sold — New York Stock
Exchange, Boston Stock Exchange.
Supply
Quantities of goods and services that sellers are willing to
offer at various prices at a given time and place.
Share
Unit of ownership in a corporation. People who own stock in
a corporation are known as shareholders.
Tariff
Tax on items that are imported.
Technology
Application of knowledge to meet the wants of people.
Textile
A cloth that is manufactured by weaving or knitting a fabric.
