Business Ownership
What is the name of a business owned by one person?
Sole Proprietorship
What is the rivalry between companies selling similar products and services, competing to attract customers with limited dollars to spend?
Competition
What is an individual, business or organization which possess a product which has not been processed at all?
Raw Good Producer
What is a for-profit or non-profit organization involved in commercial, industrial, or professional commerce?
Business
What is a type of business that connects producers with consumers, which can include retailers and wholesalers?
Intermediary
What is an economic system where production, wages, and prices are determined via the application of the law of supply and demand, with little or no government regulation?
Private Enterprise
What are all the activities needed to create, ship, and sell goods and services across national borders?
International Business
What is the amount of a good producers are able and willing to sell at various prices during a certain period?
Supply
What are the 4P's of Marketing?
Product, Place, Price, and Promotion
If the owner has full responsibility for the financial risk and reward of a business, the business is considered to have what?
Unlimited Liability
What is a market where one company controls the supply of a good or service?
Monopoly
What are products sold to other countries?
Exports
What is an individual, business or organization which uses machines, tools and labor to process a good into a final product?
Manufacturer
Which business function records, maintains, and reports an organization’s financial transactions and records?
Accounting
What is an organization that is focused on providing a service rather than profit?
Nonprofit Organization
What is an economic system where companies are privately-owned, versus being owned by the government?
Capitalism
What is a condition that exists when items consumers need and want are created in other countries?
Global Dependency
What measures the responsiveness of consumers or companies to a change in price?
Elasticity
Which business function focuses on the management of the assets, liabilities, equity, and cash flow of an organization?
Finance
What type of business can be publicly traded and ownership can be purchased as stock?
Corporation
What is an economic system that is a blend of capitalism and socialism?
Mixed Economic System
What is a tax on imports?
Tariff
What is the site where the supply curve intersects the demand curve?
Equilibrium
What is a route or plan of action designed to achieve certain goals and objectives?
Strategy