Chapter 1
Tangible items; things you can see and touch.
What are goods?
What is GDP?
The quantity of a good or service that producers are willing and able to sell at different prices.
What is supply and demand?
Protection of an original song, artwork or creative piece.
What is copyright?
A precise statement of results a business expects to achieve.
What is a goal?
The largest producer of goods and services.
What is the U.S.A?
The biggest influence on the level of trade.
The exchange of goods and services across country borders.
What is international trade?
The obligation for a business to do well for the community. Comes at a cost.
What is social responsibility?
Takes resources from nature for direct consumption.
What is an extractor?
Resources that are found in nature.
What is natural resources ?
Someone who buys a bond.
What is a creditor?
Someone who purchases a bond.
What is a creditor?
The single largest employer in the U.S. economy.
What is government?
Money needed to open a new business.
What is start up financing?
The people producing goods and services.
What are human resources?
An economic cycle when businesses are failing, GDP falls rapidly, and there is high unemployment.
What is a depression?
The making, buying and selling of goods and services within a country.
What is domestic business?
Used to identify proper employee behavior.
What is a code of ethics?
Money provided by large investors to start a new product or business.
What is venture capital?
The economic problem of having unlimited human wants and needs but limited resources to satisfy them.
What is scarcity?
A steady increase in the production of goods and services.
What is economic growth?
When a country exports more goods and services than it imports.
What is trade surplus?
Administration that ensures safety standards are regulated and enforced in the U.S.
What is the Occupational Safety and Health Administration? (OSHA)
Combines features of a partnership and corporation to provide protection for business owners.
What is a limited liability company?