Chapter 7
An invisible barrier to job advancement.
What is glass ceiling?
This is a rivalry among sellers for consumers’ dollars.
What is competition?
A person or business to whom money is owed.
What is a creditor?
A decline in the GDP that continues for six months or more.
What is recession?
Goods and services that satisfy people’s economic wants directly.
What are consumer goods and services?
Underlying beliefs and attitudes.
What are values?
A rise in prices caused by an inadequate supply of goods and services.
What is inflation?
A business owned and managed by one person.
What is a proprietorship?
An employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service.
What is a intrapreneur?
Standards of moral conduct that individuals and groups set for themselves, defining what behavior they value as right or wrong.
What are ethics?
The area of study that relates to producing and using goods and services that satisfy human wants.
What is economics?
A business owned by two or more people.
What is a partnership?
An organization that does not pay taxes and does not exist to make a profit.
What is nonprofit corporation?
The duty of a business to contribute to the well-being of society.
What is social responsibility?
A political-economy system in which private citizens are free to go into business for themselves, to produce whatever they choose to produce, and to distribute what they produce.
What is capitalism?
A business owned by a group of people and authorized by the state in which it is located to act as though it were a single person, separate from its owners.
What is a corporation?
A business that is important to society but lacks the profit potential to attract private investors and is often operated by local, state, or federal government.
Whst is quasi-public corporation?