Chapter 1
Something a person must have in order to survive, such as food, clothing, and shelter is called.....
What is a need
The activities involved in buying and selling goods on a large scale.
What is commerce?
A proposal to provide a good or service.
What is a proposal?
Businesses that create goods and services.
What is a producer?
The right to sell a company's goods or services in a specific area.
What is a franchise?
A ________ is an individual or group who buys products.
What is a customer
All of the people in a nation who are capable of working and want to work.
What is the labor force.
A document that dictates how business should be conducted.
What is Code of Ethics?
Consists of customers who buy products for their own use.
What is consumer market?
Planning and managing the flow of goods, services, and people to a destination.
What are Logistics?
A physical item that can be touched
What is a good?
A general decline in prices throughout an economy.
What is deflation?
A contract to rent something
What is a lease?
A business that is owned and operated by a single individual.
What is a proprietorship?
A limit on the amount of a product imported into a country during a specific period of time.
What is a quota?
Anywhere buyers and sellers meet to buy and sell goods and services.
What is a market?
The percentage of the civilian labor force that is unemployed.
What is unemployment rate?
A person is legally able to enter into a binding agreement.
What is capacity
An association of two or more people who co own a business with the objective of earning a profit.
What is a partnership?
Group of countries that has joined together to trade as if they were a single country.
What is a trading bloc?
Something that a person desires but can survive without.
What is a want?
total money circulating at any one time in a country.
What is money supply?
Regulates how contracts are written, executed, and enforced.
What is Contract Law
A share of ownership in a corporation.
What is stock?
a government order that prohibits trade with a foreign country.
What is an embargo?