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What basic economic problem arises because human wants are unlimited, but resources are limited?
What is scarcity?
What is the simplest, most common form of business ownership, owned and operated by one person?
What is a sole proprietorship?
What written set of guidelines outlines a company’s expectations for moral behavior and decision-making among employees?
What is a code of ethics?
What formal written document details a business’s goals, target market, financial projections, and operational strategy?
What is a business plan?
What management function involves setting organizational goals and outlining the actions needed to achieve them?
What is planning?
In this type of economic system, economic decisions are based on customs, history, and time-honored beliefs.
What is a traditional economy?
What major disadvantage do sole proprietors and general partners face regarding their personal assets?
What is unlimited liability?
What term describes a situation where a person's personal interests conflict with their professional responsibilities?
What is a conflict of interest?
What term describes an individual who takes on the financial risk to start and manage a new business venture?
What is an entrepreneur?
What term refers to goods and services produced domestically and sold to buyers in another country?
What are exports?
Name the four primary factors of production required to produce goods and services.
What are land, labor, capital, and entrepreneurship?
This type of business entity is owned by shareholders and offers limited liability protection to its owners.
What is a corporation?
What concept refers to a company's obligation to operate in ways that enhance society and the environment, beyond just maximizing profit?
What is Corporate Social Responsibility
Money provided by investors to start-up firms and small businesses with high growth potential is known as what?
What is venture capital?
What trade barrier places a specific numerical limit on the quantity of a good that can be imported into a country?
What is an import quote?
According to the Law of Demand, as the price of a product increases, what happens to the quantity demanded?
What is it decreases?
What is the business arrangement where one party allows another party to use its trademark and business model for a fee?
What is a franchise?
What is the illegal practice of trading a public company's stock based on non-public, material information?
What is insider trading?
What term describes the unique benefit or feature that makes a company's product or service superior to its competitors?
What is a competitive advantage
What are the four core functions of management?
What are planning, organizing, leading, and controlling?
What point on a supply and demand graph represents the price where the quantity supplied equals the quantity demanded?
What is equilibrium
What hybrid business structure offers the limited liability protection of a corporation along with the pass-through taxation of a partnership?
What is a Limited Liability Company
What is the term for an employee who reports illegal, unethical, or unsafe practices within their organization to authorities or management?
What is a whistleblower?
What strategic framework evaluates a company's Strengths, Weaknesses, Opportunities, and Threats during planning?
What is a SWOT analysis?
What term describes the economic exchange rate effect where a nation imports more goods and services than it exports?
What is a trade deficit