Classifications and Types of Businesses
Goods available for sale
What is inventory
The amount of a product that consumers want to purchase
What is demand
A set of rules outlining expected behavior in the workplace
What is a code of conduct
The value of all nations' economies functioning as a large, increasingly synchronized, global financial system
What is the global economy
An organization of workers that protects and furthers their interests
What is a union
The movement of goods straight from the place that they are manufactured to a retailer
What is factory direct?
A product for which demand stays the same regardless of price
What is inelastic
Harming someone as revenge
What is retaliation
Goods and services manufactured in one country and sold in another
What are exports
The exclusive control of a supply or product
What is monopoly
The total value of the goods and services produced by a country in a year
What is GDP (Gross Domestic Product)
The work that goes into making a product
What is labor
Balancing profit-making activities with those that benefit society
What is social responsibility
A country's or manufacturer's ability to produce goods or services at a lower cost than another country or manufacturer
What is comparative advantage
The practice of having workers perform work-related duties without pay
What is wage theft
A business that buys products in bulk and distributes them to other businesses
What is a wholesaler
An expense that does not change over a designated period
What is a fixed expense
Permissible under the law as defined by legislation
What is legal
The value lost in one product when the consumer decides to purchase or invest available funds in another product
What is opportunity cost
The literal interpretation of the law
What is the letter of the law
Excessive bureaucracy or rules
What is red tape
The principle that the most efficient way to accomplish a large task is to break it into smaller ones
What is division of labor
The moral principles and beliefs that guide the actions of communities, organizations, and individuals as they interact with each other
What is ethics
The imposition of tariffs, limits on imports, and other actions that make imports more expensive
What is protectionism
State laws enacted to prevent lenders from charging unreasonably high rates of interest
What is usury /usury laws