Ch 1
Ch 2
Ch 3/4
Ch 5
Ch 6 / 7
100

Anything that is bought or sold is called a(n) ____

product

100

US laws that promote fair trade and competition among businesses.


Antitrust Laws

100

A ____ is a legally binding agreement between two or more people or businesses.

contract

100

A tax on imported goods is called:

tariff

100

The ____ is a sentence in a business plan that describes the purpose of the business.

mission statement

200

A science that examines how goods and services are produced, sold, and used is called ____.

economics

200

Rate of change in prices calculated on a monthly or yearly basis.


inflation 

200

A business that is legally separate from its owners and has a board of directors is called:

corporation 

200

The cost to convert one currency into another is called:

foreign exchange rate 

200

____ is the process of controlling and making decisions about a business.

management 

300

goods going out of a country

export

300

Market structure with a small number of businesses selling the same or similar products.




oligopoly 

300

A business that is owned and often operated by a single individual is called:

sole proprietorship 

300

Goods, services, and capital brought into a country from outside its borders is called:

import

300

_ consists of a company's division managers and department heads.

middle management

400

A(n) _ economy is one in which the government makes all the economic decisions for its citizens.

command

400

Law that requires that one and a half times the regular rate of pay for more than 40 hours for qualified employees. 

The Fair Labor Standards Act of 1963

400

a business owned by two or more persons who share the risks and rewards of a business equally 

partnership
400

A government order that prohibits trade with a foreign country is called

embargo 

400

name the first step in the ethical decision making process (conflict resolution)

define the problem 

500

Organized way in which a nation chooses to use its resources to create goods and services.


economic system

500

What are the four stages of a business cycle?

expansion; peak; contraction; and trough

500

an act of breaking the terms set out in a contract.

breach

500

The connection made among nations when economies freely move goods, labor, and money across borders is called:

globalization 

500
List the 5 functions of management 

Planning, organizing, staffing, implementing, and controlling

M
e
n
u