A _________ of goods results when there is not enough supply to meet the demand.
scarcity
100
_______ is the business activity in which goods or services are sent from a country and sold to foreign consumers.
Exporting
100
If a company manufactures T-shirts, the unit of sale is ONE what?
T-shirt
100
Entrepreneurs who consistently make a ______ over time can offer more products, donate profits to benefit society, and invest in other businesses.
What is profit
100
Competition between suppliers pushes prices ________.
What is downward
200
_________ exchange is a transaction in which both suppliers and consumers believe they have benefitted.
Voluntary
200
_________ is the business activity in which goods and services are brought into a country from foreign suppliers.
Importing
200
What is the calculation of the profit (or loss) for each unit of sale made by a business called?
economics of one unit
200
This is known as the reason entrepreneurs take on business risk.
What is profit motive
200
This is the value of one currency in relation to another (3 words)
What is foreign exchange rate
300
On a graph, the _________ point is where the supply curve and demand cure meet.
equilibrium
300
A _______ economy covers a limited area, such as a community or town.
local
300
Plain backpack: $11.00
Ink, thread, buttons: $3.00
Labor: $6.00
What are the total expenses per unit of sale?
$20.00
300
"What goods and services are to be produced?" is a fundamental question of _______.
What is economics
300
When engaged in international trade, ______ ______ includes being respectful of a nation's customs, attitudes, and language.
What is business etiquette
400
The ________ motive is an incentive that encourages entrepreneurs to take business risks in the hope of being successful.
profit
400
The goal of _______ trade is to ensure that small producers in developing nations earn sufficient profit on their exported goods to improve their living conditions.
fair
400
What is the formula used to calculate the economics of one unit of sale?
Selling price - Expense = Profit (or loss)
400
In this type of economic system the suppliers and consumers control production and price of goods.
What is market
400
When there are not enough goods to meet the demand, the result is a ______ of those goods.
What is scarcity
500
A trade ________ is a governmental restriction on international trade.
barrier
500
In a _______ economy, the government controls the nation's resources.
command
500
What is the formula used to calculate the profit as a PERCENTAGE of the selling price?
(Profit/Selling Price) x 100 = Profit %
500
__________ organizations operate to serve the good of society.
What is non-profit
500
_______ and _______ are business activities that take place within the global economy.