Agency and Systems
The regulatory agency established by the federal government to enforce laws that protect consumers’ health
What is Food and Drug Administration (FDA)
The government policy that sets levels of government spending and taxation
What is Fiscal policy
A tax on imported goods; also called duty
What is Tariff
The ability to acquire and utilize systematic, specialized applications to accomplish business objectives
What is Technical skills
An individual who identifies an opportunity to create new value, develops and offers a unique product, assumes the risks of starting and building a business, focuses on the improvement and growth of that business, and receives personal and financial rewards for their efforts
What is Entrepreneur
A federal government agency that writes and enforces safety and health standards for businesses
What is Occupational Safety and Health Administration (OSHA)
The government policy that determines the amount of money that will be in circulation and the level of interest rates
what is Monetary policy
A condition in which a market is controlled by one supplier with no substitute goods or services readily available
What is Monopoly
The ability to perform essential, routine business tasks such as organizing, planning, filing, billing, computing, etc.
What is Administrative skills
A tax write-off that reduces the gross amount of an individual’s income, which in turn reduces the taxes owed
What is Deduction
An economic system in which individuals and groups, rather than government, own or control the means of production; also known as a free market economy, private profit system, market system, capitalistic system, or free enterprise system
What is Private enterprise system
Assistance by government in maintaining the price of a good or service to enable the producers to earn a profit
What is Price supports
Issuing a government permit that allows an individual or a business to function in the marketplace
What is Licensing
Goods and services that are used by all people and cannot be withheld from people who don’t help pay for them
What is Public goods
A company that is operated in a residential dwelling
What is Home-based business
A government regulatory agency that administers and enforces antitrust laws to prevent price fixing and to prohibit unfair competitive practices
What is Federal Trade Commission (FTC
That part of the economy that is owned and operated by government at all levels (e.g., schools, libraries, highway systems)
What is Public sector
A single business that influences the entire production of a particular good or service because it is in the best interests of the public for the business to do so
What is Natural monopoly
An illegal activity in which a business charges different customers different prices for similar amounts and types of products
What is Price discrimination
A network of individuals and/or organizations who offer assistance to those in need of advice and information
What is Support system
A government agency that regulates interstate and international communications by radio, television, wire, satellite, and cable
What is Federal Communications Commission (FCC
Government financial help given to a business
What is Subsidy
That part of the economy that is owned and controlled by individuals and/or businesses
What is Private sector
The amount of money people have to spend, or dispose of, after they have paid their taxes; also called discretionary income
What is Disposable income
Steps that an individual takes to enhance or improve skills or traits that are needed to excel in their career/profession
What is Professional development