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Value: The relationship between the price of a good or a service and the benefits that it offers its customers.

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Any organization or activity that provides goods and services in an effort to earn a profit.

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The money that a business earns in sales (or revenue), minus expenses, such as the cost of goods, and the cost of salaries.

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When a business incurs expenses that are greater than its revenue.

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People who risk their time, money, and other resources to start and manage a business.

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The rate at which a new product moves from conception to commercialization.

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The measurable characteristics of a population. Demographic factors include population size and density, as well as specific traits such as age, gender, and race.

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The study of a country's overall economic dynamics, such as the employment rate, the gross domestic product, and taxation policies.

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Government efforts to influence the economy through taxation and spending.

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An economic system also known as the private enterprise or free market system based on private ownership, economic freedom, and fair competition.