Entrepreneurship
A person who starts a new business or purchases an existing business
What is an entrepreneur?
The term for competition based on factors other than price?
What is nonprice competition?
A legally binding agreement between two or more parties
What is a contract?
Businesses that use supplies to make final products.
What is a manufacturer?
The connection made among nations when economies freely move goods, labor, and money across borders
What is globalization?
This type of financing involves exchanging partial ownership of the business for capital?
What is equity financing?
The market value of all final products produced in a country during a specific time period.
What is gross domestic product (GDP)?
Actions taken by a business to promote social good
What is corporate social responsibility?
Businesses that take natural resources from the land to help build final products
What are extractors?
A trade agreement between North American countries
What is NAFTA?
An asset pledged that will be claimed by the lender if a loan is not repaid
What is collateral?
The term for the alternating periods of expansion and contraction in the economy
An order to remove or repair unsafe products
What is a recall?
Businesses are the primary customers in this type of market
What is business-to-business (B2B) market?
A fee paid by the licensee/franchisee to the licensor/franchisor
What is a royalty?
Private investors who fund start-up businesses.
What are angel investors?
In this type of market structure, a large number of businesses sell similar, but not identical, products at different prices
What is Monopolistic Competition?
The agency enforces laws that uphold truth in advertising
What is Federal Trade Commission (FTC)
A portion of earnings distributed to stockholders
What is a dividend?
A government action taken to control or limit imports
What is a trade barrier?
A pro forma income statement project includes ______ & ______.
What are revenues and expenses?
The term for when two or more businesses in an industry agree to sell the same good or service at a set price is.
What is price fixing?
Work created by company employees that is owned by the company
What is proprietary information?
The primary purpose of this system is to classify businesses and collect economic statistics
What is the North American Industry Classification System (NAICS)?
The trade agreement between North American countries
What is NAFTA?