Business Orgs
GDP/Business Cycle
US Labor Force
Developing Nations
Global Trade
100
Owned by one person
What is a sole proprietorship?
100
Measures the economy's health
What is Gross Domestic Product?
100
People employed in offices, sales or professional positions
What are white-collar workers?
100
Shows that a nation is unproductive.
What is a low GDP?
100
Goods bought from other countries
What are imports?
200
Treated by the government as one person
What is a corporation?
200
Phases of the business cycle
What are the peak, trough, contraction, recovery?
200
Lowest legal wage
What is the minimum wage law?
200
Growing enough food to sustain your own needs
What is subsistence agriculture?
200
Taxing imports
What is a tariff
300
Gives inventor exclusive right to use/make/sell product
What is a patent?
300
In between jobs
What is frictional unemployment?
300
Workers band together to improve working conditions
What is a union?
300
Stages of economic development
What are the agricultural stage, industrial stage, and service sector?
300
The difference between a nation's exports and imports
What is a trade balance?
400
Doctors, attorneys are usually in this type of business org
What is a partnership?
400
GDP is down for a period of 6 months
What is a recession?
400
Building public support for a strike
What is picketing?
400
Low GDP, poor health, high infant mortality rate...
What are characteristics of a developing nation?
400
A country can produce a good at a lower opportunity cost
What is a comparative advantage?
500
Don't have to split profits
What is an advantage of a sole proprietorship?
500
How GDP is calculated
What is C + I + G + (X-M)?
500
Prevents mandatory union membership
What are right-to-work laws?
500
Engineers, teachers, technicians teach skills to people in other nations
What is technical assistance?
500
Restriction on particular goods brought into a country
What is a quota?
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