Things that you don't have to have to survive but would like to have
What is Wants
100
A lack of resources
What is Scarcity
100
One of the most important indicators of the status of an economy
What is Gross Domestic Product(GDP)
100
Moral principles by which people conduct themselves personally, socially, and professionally
What is Ethics
100
an economy that contains both private and public enterprises
What is Mixed Economy
200
Any commercial activity that seeks profit by providing goods and services to others in exchange for money
What is Business
200
The raw materials from nature that are used to produce goods
What is Natural Resorcess
200
The difference between inflation and deflation
What is Inflation is an increase in the price of goods and services and deflation is a decrease
200
A set of guidelines for maintaining ethics in the workplace
What is Code of Ethics
200
the point at which quantity demanded and the quantity supplied meet
What is Equilibrium Price
300
The money left over after a business has paid the cost of providing its goods and services
What is Profit
300
The people who make the goods and services for which they are paid
What is labor resources
300
The total amount of money a government owes
What is National Debt
300
If a manager of a small business was to hirs his sister to do some work in the firm, but she was clearly unqualified
What is Conflict of interest
300
an individual necessary to start and run a business
What is Entrepreneur
400
The Information Market research provides
What is to identify opportunities, analyze demand and respond to consumer demand
400
All the economic resources necessary to produce a society's goods and services
What is Factors of Production
400
When a governments revenues exceeds its expenditures during a 1 year period
What is Budget Surplus
400
a shop or factory in which workers are employed for long hours at low wages in unhealthy conditions
What is Sweatshop
400
the contest between businesses to win consumers
What is Competition
500
Step 1: identifying the situation
Step 2: identifying course of action
Step 3: determining the pros and cons
Step 4: make a decision
Step 5: evaluate your decision
What is The Decision Making Process
500
The methods societies use to distribute resources
What is economic system
500
Recovery, Prosperity, Rescission, Depression,
What is The four stages in the business cycle
500
1. identifying the ethical dilemma
2. discovering alternative actions
3. decide who might be affected
4. list the probable effects of the alternatives
5. select the best alternative
What is the Ethical Decision-Making Process
500
The ability to quickly turn an investment into cash