Key Terms Instructions: Please Define the Following Key Terms

question 11

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
capitalism

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Definitions:

Payments

Transactions or transfers of money from one party to another, typically in exchange for goods, services, or to fulfill a financial obligation.

Costs

The expenditure of resources, such as time, labor, and materials, required to achieve an objective or the production of goods and services.

Profits

Profits are the financial gains obtained when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain the operation.

Entrepreneurial Ability

The skill or talent for identifying new business opportunities and the willingness to take risks to develop and manage a business.