Chapter 1
Every decision in life can be considered?
What is a money decision
Economics is the study of what?
Scarcity
a shift toward an integrated world economy in which culture, ideas, and beliefs are exchanged in addition to goods, services, and resources.
Globalization
involves harm that
arises from unintentional action
NEGLEGENCE
THIS FORM OF BUSINESS OWNERSHIP IS Owned and run by one person
SOLE proprietorships
Any activity that provides goods
or services to consumers for the
purpose of making a profit.
What is a Business
the amount of some good or
service consumers are willing and able to
purchase at each price.
Demand
consists of objects that have value in themselves as well as value
in their use as money. Gold is an example
COMMODITY MONEY
are awarded in extreme cases where behavior is considered to be
so socially unacceptable
PUNITIVE DAMAGES
What percent of all businesses in the U.S. are small businesses
99.99%
when revenue exceeds costs
PROFIT
the amount of some good or service a
producer is willing to provide at each price
Supply
exchange of goods or services directly for other goods or services without the use of money as means of purchase or payment.
BARTER
Form of negotiated bribery in which a commission is paid to the bribe-
taker in exchange for services rendered.
KICK-BACK
is a business model that involves
one business owner licensing the trademark and structure of another established business
Franchise
Resources are also called factors of production. What are the 4 of them?
Natural Resources, Equipment, Human Capital , & Entrepreneur
characterized by increasing employment, economic growth, and upward pressure on prices
Expansion
a direct payment to its shareholders
called a
DIVIDEND
a person who exposes
information or activity that is deemed illegal,
unethical, or incorrect within an organization
that is either public or private.
WHISTLEBLOWER
In order to get a business loan from the back, you usually have to show them a what?
Business Plan
provides goods and services to
consumers, but its primary goal is no to return profit to the owners of the business
Non Profit Organizations / NGOs
characterized by increasing employment, economic growth, and
upward pressure on prices
Opportunity Cost
usually cover property
that is intangible, such as trademarks,
images, patents, or production techniques.
LICENSING
WHAT DOES THE ACRONYM CSR STAND FOR?
CORPORATE SOCIAL RESPONSIBLITY
This type of Entrepreneur are experts who generally spend their careers in one industry. They
measure success based on their personal income
SPECIALISTS