Terminology 1
The condition in which a nation spends more than it takes in from taxes.
Budget Deficit
A __________ is a condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reduced.
Depression
_____ ___ refers to Economies made up of elements from more than one economic system.
Mixed Economies
A decline in production, employment, and income is called a ______
Recession
_____ ____ are the principles and standards that determine acceptable conduct in business
Business Ethics
The funds used to acquire the natural human resources needed to provide products; is called ____.
Capital
________ is the study of how resources are distributed for the production of goods and services within a social system.
Economics
The market structure that exists when there is only one business providing a product in a given market is called a________.
Monopoly
An economic system in which the government owns and operates basic industries, but individuals own most businesses is called ______
Socialism
A ____ ___ ____ are the formalized rules and standards that describe what a company expects of its employees.
Code of Ethics
__________ is an economic system in which individuals own and operate the majority of businesses that provide goods and services.
Capitalism
______ ______ is the price at which the number of products that businesses are willing to supply equals the amount, of products that consumers are willing to buy at a specific point in time.
Equilibrium Price
Organizations that may provide goods or services but do not have the fundamental purpose of earning profits are called ____ _____
Nonprofit Organizations
Groups that have a stake in the success and outcomes of a business are called _____
Stakeholders
The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders is called ____ ___
Corporate Citizenship
________ is the rivalry among businesses for consumers’ dollars.
Competition
__________ _______ ______ is the sum of all goods and services produced in a country during a year.
Gross Domestic Product
The market structure that exists when there are very few businesses selling a product are called a _____
Oligopoly
_______ is the condition in which a percentage of the population wants to work but is unable to find jobs.
Unemployment
A business’s obligation to maximize its positive impact and minimize its negative impact on society is called _____ ____
Social Responsibility
The number of goods and services that consumers are willing to buy at different prices at a specific time is called the ________
Demand
________ is a condition characterized by a continuing rise in prices.
Inflation
The difference between what it costs to make and sell a product and what a customer pays for it is called a ____
Profit
______ are payments, gifts, or special favors intended to influence the outcome of a decision.
Bribes
The act of an employee exposing an employer’s wrongdoing to outsiders, such as the media or government regulatory agencies is called ______
Whistle-blowing