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1995-01-27
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Barter economy
An economic system where goods and services are traded for other goods and services
Business
An organization that produces goods and services for a profit
Capital
Funds, goods or equipment used to operate a business
Constant dollar
An established standard monetary value used to compare goods and services priced by a fluctuating dollar
Entrepreneur
An individual that conceives a product or service, establishes a business and distributes the product or service
Firm
An individual business producing goods or services
Free enterprise
A system that allows individual choice in selection of a business
Gross National Product
The total value of all goods and services produced in a country in one year
Laissez-faire
An economic term used to describe a government policy of allowing business operation without government intervention
Product
A produced and marketed item and its related characteristics
Profit
The excess of revenue minus expenses
Recession
An absences of growth in the gnp in two successive quarters
Risk
The possibility of loss in a business
85%
The share of small businesses of the total