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Vocabulary List - Coggle Diagram
Vocabulary List
Reciprocal
Refers to something that is mutual or shared between two parties, often involving equal exchange or corresponding actions.
Trade
The voluntary exchange of goods or services between individuals, businesses, or countries.
Resources
Stocks or supplies of money, materials, staff, or other assets that can be utilized by individuals, organizations, or countries to function effectively or achieve goals.
Cost
The amount of money, effort, or resources required to acquire, produce, or achieve something
Goods
tangible items or products that are manufactured, transported, and sold for consumption or use.
Concave
Tefers to a shape or surface that curves inward, resembling the interior of a circle or sphere, like the inside of a bowl.
Explicit Cost
Refers to a direct, out-of-pocket expense that a business incurs during its operations.
Entrepreneurship
The activity of creating, organizing, and managing a business or enterprise, often involving financial risks, with the goal of generating profit and driving innovation.
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Capitalism
An economic system where trade, industry, and the means of production are privately owned and operated for profit, emphasizing competition, innovation, and market-driven decision-making.