Ethics
This ethical principle means being honest and doing the right thing, even when no one is watching.
What is integrity?
A business that sells goods directly to the final consumer is called this.
What is a retailer?
When the amount supplied equals the amount demanded, the market reaches this.
What is equilibrium?
This economic system relies heavily on customs and traditions.
What is a traditional economy?
This document summarizes your education, work experience, and qualifications.
What is a résumé?
Saying please and thank you demonstrates this ethical principle.
What is respect?
These two types of businesses make up the main divisions of the trade industry.
What are wholesalers and retailers?
When businesses have more products available than customers want to buy, this occurs.
What is a surplus?
In this economic system, the government plays a major role in controlling production and distributing goods.
What is socialism?
A market controlled by only a few major sellers, such as automobile manufacturers, is this.
What is an oligopoly?
A company that openly shares its financial situation is demonstrating this.
What is transparency?
This type of business sells intangible products, such as haircuts or tutoring.
What is a service business?
This law explains why producers generally offer more products for sale when prices increase.
What is the law of supply?
Giving up going to a basketball game so you can study is an example of this.
What is a trade-off?
A business buying insurance to protect against financial losses is using this risk-management strategy.
What is risk transfer?
An employee who copies the unethical behavior of a supervisor is being influenced by this type of person.
What is a bad role model?
A company that donates part of its profits to an environmental charity is demonstrating this.
What is social responsibility?
Gasoline is often an example of this type of demand because people continue buying it when prices rise.
What is inelastic demand?
This is the economic motivation that forms the basis of private enterprise.
What is the profit motive?
A company deciding not to open an unprofitable location is using this risk-management strategy.
What is risk avoidance?
A company can follow the law but still behave unethically because legal behavior is not always this.
What is ethical behavior?
Employees and their skills make up this type of economic resource.
What are human resources?
Luxury goods are more likely to have this type of demand, where purchases change significantly with price.
What is elastic demand?
This market structure has many sellers offering identical products and no barriers to entry.
What is perfect competition?
This antitrust law, passed in 1890, helps prevent monopolies and price-fixing.
What is the Sherman Antitrust Act?