Business Types and Business Cylce
Owners assume all the risk of the business
What is Sole proprietorships
Flow of goods and services through different means of transportation within a single country
What is domestic trade
measurement of the effectiveness of production
What is productivity
Presentations, professional speeches and communication between coworkers
What is professional communication
study of individual economic activity
What is Microeconomics
Are managed by a board of directors
What are Corporations
Buying and selling of goods and services between two or more countries through the process of importation and exportation
What is world trade
rate of rising prices over a specific time period
What is rate of inflation
Negatively impact production by performing repetitive tasks.
What is division of labor
study of the economy as a whole
What is Macroeconomics
Do not allow creditors to go after an individual's personal assets or income if a partnership fails
What is Limited liability partnerships
Regulations which restrict international trade, to bolster domestic trade within a country
What are trade barriers
freedom of private businesses to operate in a competitive manner for profit without government controls
What is private enterprise system
how a society produces and distributes goods and services.
What is an economic system
relationship between the available quantity of a product and the want or need of a product
What is supply and demand
Are commonly used to partner with local business to enter foreign markets?
What are Joint ventures
Authority given to business owners to make decisions, manage resources, assume risk and make profits
What is business ownership
using economic resources to manufacture goods or provide services
What is production
is an incentive for businesses to produce goods and services consumers are willing to purchase
What is profit
occurs when a product is supplied or produced more than the quantity demanded
Surplus
The 4 phases of the business cycle
What are Growth, Peak, Recession, Trough
Country that is the largest goods and services importer in the world
What is the United States
enhances value by allowing for easy use by the consumer or transfer of ownership to the consumer
What is possession utility
occurs when labor union representatives and management come together to discuss the rights of employees?
What is collective bargaining
occurs when a product is demanded more than the quantity supplied or produced
What is shortage