Basics 1
The conflict between unlimited wants and limited resources is called ____________________.
Scarcity
Businesses that create products used by individuals and other businesses are called ____________________.
Producers
A(n) ____________________ is a written description of a businesses idea and how it will be carried out.
Business Plan
Goods and services that American companies buy from other countries are called ____________________.
Imports
A person or business that buys or uses goods and services is called a(n) ____________________.
Consumer
A(n) ____________________ order is a written notice from the drawer telling the bank not to pay a certain check.
Stop Payment
____________________ means that economic resources are privately owned by individuals rather than by the government.
Capitalism
A business owned and managed by a small group who have entered into an agreement is called a(n) ____________________.
partnership
Business managers spend more than half their time in ____________________ relations activities, in which they interact with other people.
Human
A(n) ____________________ is a tax a government places on certain imported products to cause the price of that product to increase in the country’s markets.
Tariff
A price per pound or price per ounce is an example of a(n) ____________________ price.
Unit
____________________ is the amount that banks pay you for the use of your money.
Interest
____________________ is the total dollar value of all goods and services produced in an economy in one year.
Gross Domestic Product
Businesses involved in selling the goods and services of producers to consumers and other businesses are called ____________________.
Intermediaries
____________________ communications move up or down between management and employees.
Vertical
A(n) ____________________ gives the inventor of a product the exclusive right to make, use, or sell that item for a period of 20 years.
Patent
A(n) ____________________ name is given to a product or service to distinguish it from other similar products or services.
Brand
Loans that are repaid in partial payments are called ____________________ (or consumer) loans
Installment
The movement of the economy from one condition to another and back again is called a(n)
____________________.
Business Cycle
A group of individuals or businesses that has similar product needs is called a(n) ____________________.
Target Market
The financial plan for the day-to-day operations of a business is called the ____________________ budget.
Operating
____________________ is preserving scarce natural resources.
Conservation
____________________ stores offer an extensive variety of goods and emphasize customer service; they are also likely to offer personal shoppers and gift-wrapping.
Department
The ____________________ is the total dollar cost of credit
Finance charge
Boris’s productivity is 35. He worked 20 hours. How many units did he produce?
700 units
The amount that is added to the cost of producing a product or service is called a(n) ____________________.
Markup
Anders is paid an annual salary of $40,000. After a good performance review, his salary is increased to $41,200. What percent increase is that?
3%
According to today’s exchange rate, 37.2 Utopian samolians equal $1. How many samolians would equal $350?
13,020
When a business has no competition and controls the market for a good or service, it is said to have a(n) ____________________.
Monopoly
Ivana borrows $1200 at 12 percent interest for 6 months. Calculate the amount of simple interest that would be charged for the loan.
$72