The Basics
These are things business's can make or offer in exchange for money
What are good and services
The intersecting point of these two ideas set the price of something in a market economy. Bonus: What is this intersecting point called?
What is Supply and Demand
You become this when you recognize an opportunity and start a business.
What is an entrepreneur
This is the main source of revenue for the government
What are taxes
This form of technology has made global business easier to conduct
What is the computer/internet
Things that are used to make or obtain what people want or need
What are Resources
This term is coined when you are planning to spend more money than you are going to make.
What is a deficit
This type of business is started by 1 person that has unlimited liability of the business.
What is a sole proprietorship
This type of leadership, where managers work with employees to make decisions, is common in the US.
What is democratic leadership
This group of people work with computers while doing business
What is the e-workforce
These take priority over wants in any consumer's life. Bonus points: What concept explains why this prioritization happens.
What are needs
These are rules based on moral principles about how businessess and employees ought to conduct themselves.
What are business ethics
This type of business is registered with the state and oftentimes sells stock.
What is a corporation
This government agency creates and enforces laws that protect nature from businesses
What is the EPA
This term means that a business uses the Internet to conduct work
What is e-commerce
This is needed to drive price down and force company's to make quality products
What is competition
These are the 4 stages of the business cycle.
What are Prosperity, recession, depression, and recovery.
This is a 15 step comprehensive outlook that would be put together before you begin making sales.
What is a business plan
This is the name of the trade alliance that the USA is apart of
What is NAFTA
These two terms go hand in hand and describe international trade
What are imports and exports
This is the study of how individuals strive to satisfy their needs and wants by making choices
What is economics
This term explains why a lawyer should not represent one of their family members in court.
What is a conflict of interest
These describe the 4 functions (or tasks) of management.
What are planning, organizing, leading, and controlling
This is the current era of the economy in the USA
What is the information-based economy
These three barriers are ways the government can restrict trade. Name and define them.
What are embargos (bans), tariffs (taxes), and quotas (limits)