Unit 1
Coal, iron and oil are all examples of these resources.
What are nonrenewable resources?
A written description of a new business venture that describes all aspects of the business. It helps entrepreneurs focus on what they want to do, how they will do it, and what they expect to accomplish.
What is a business plan?
A ban on the import or export of a product.
What is an embargo?
Advertising appears mostly in phone books.
What is directory advertising?
Anything of value that is owned or controlled.
What is property?
This phase of the business cycle has high unemployment and low production of goods and services.
What is Depression?
A _____ statement expresses the specific aspirations, or major goals of a company.
What is mission?
When a small number of companies control an industry.
What is an oligopoly?
The 3 types of employee status changes.
This type of program is a computerized worksheet for entering and charting data.
What is a spreadsheet?
This government agency protects consumers from dangerous products.
What is the Food & Drug Administration (FDA)?
The three main types of business organizations.
What are sole proprietorships, partnerships & corporations?
The production, purchase, and sale of goods and services within a country.
What is domestic trade?
The term for pay and benefits totaled together.
What is compensation?
A computer network used by an organization.
What is an intranet?
Define and describe scarcity.
The principle of scarcity states that there are limited resources for satisfying unlimited wants and needs. Because resources are in limited supply, to have one thing may mean you must give up something else.
Changes raw materials into more finished products.
What is a processor?
NAFTA
North American Free Trade Agreement. It is the major trade alliance that includes the US.
A group of customers who share common wants and needs.
What is a market?
The total amount of money owed to a business is called.
What is accounts receivable?
Gross Domestic Product. GDP is one of the most important indicators of how well an economy is performing. It is the total value of the goods and services produced in a country in a given year.
Puts authority in one place - with top management.
What is a centralized structure/organization?
Monetary grants given by the government.
What are subsidies?
Arguably the most important step in the product development cycle, it details the strategy for the product to be introduced to the market.
What is develop a business plan?
Holds all the data and instructions required during operations?
What is RAM? (Random Access Memory)