The reason entrepreneurs take on business risk is referred to as their what?
What is profit motive
100
Importing and exporting are business activities that take place within the ________ economy.
What is global
100
Competition between suppliers pushes the prices upward or downward?
What is downward
100
If a company manufactures T-shirts, the unit of sale is one what?
What is T-shirt
100
Entrepreneurs who consistently make a _______ over time can offer more products, invest in other businesses, and/or donate to benefit the society.
What is profit
200
The value of one currency in relation to another is known as what?
What is the foreign exchange rate
200
When engaged in international trade, _______ ________ includes being respectful of a nation's customs, attitudes, and language.
What is business etiquette
200
When there are not enough goods to meet the demand, the result is a _______ of those goods.
What is scarcity
200
How do you calculate the total expenses per unit of sale?
What is by adding all of the costs associated with making a good or service together
200
For whom are goods and services produced?
How are goods and services produced?
What goods and services are to be produced?
Each of these questions are referred to as what?
What is fundamental questions of economics
300
_______ exchange is a transaction in which both suppliers and consumers believe they have benefitted.
What is voluntary
300
A trade _______ is a governmental restriction on international trade.
What is barrier
300
_______ is the quantity of goods and services consumers are willing to buy at a specific price.
What is demand
300
What is the formula for calculating the profit per unit of sale?
What is "selling price - expenses = profit"
300
In this type of economic system suppliers and consumers control production and price of goods.
What is market
400
A _______ economy covers a limited area, such as a community or town.
What is local
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.
What is fair
400
On a graph, the ______ point is where the supply curve and the demand curve intersect.
What is equilibrium
400
What is the formula for calculating the profit as a percentage?
What is "(profit/selling price x 100) = profit %
400
____________ organizations operate to serve the good of society, can sell goods and services, and can make a profit.
What is non-profit
500
In a command economy, who controls the nation's resources?
What is the government
500
______ is the business activity in which goods or services are sent from a country and sold to foreign consumers; while ______ is the business activity in which goods and services are brought into a country from foreign suppliers.
What is exporting; importing
500
If the selling price for an item is greater than the cost, the seller has made a ________.
What is profit
500
Ipad Case: $15.00
Screen Protector: $5.00
Labor: $6.00
What are the total expenses per unit of sale?
What is $26.00
500
Joining a civic organization, hiring employees, and paying taxes are all ________ of being an entrepreneur for the local economy.