Chapter 1
_______ is the organized effort of individuals to provide a product or service while making a profit.
Business
_______ is the quantity of a product that buyers are willing to purchase at each price.
Demand
______ advantage states to produce what you can produce efficiently and buy what you can not.
A(n) ________ is a nontariff barrier that puts a limit on the amount of a particular good that can be imported in a given period of time.
import quota
An organization that is incorporated in South Carolina and is doing business in North Carolina, is considered a __________ corporation in North Carolina.
foreign
_______ is all the money that a business takes in before any expenses have been deducted.
Revenue
_______ is the study of right and wrong. There are three levels; individual factors, social factors, and opportunity.
Ethics
_________________ measures the value of a nation's exports to the value of its imports.
Balance of trade
_______ promotes open trade within the USA, Mexico, and Canada. (abbreviate)
NAFTA
A _________ is a form of business ownership that combines the benefits of a corporation and a partnership and avoids the restrictions of an S Corporation.
Limited Liability Company LLC
What is the total dollar value of all goods and services that are produced within a country per year? (Abbreviate)
GDP
A ________ informs the press or government officials about unethical practices within an organization.
whistleblower
If a country exports more than it imports, it is a trade _______.
surplus
A business that is owned, and usually managed, by one person is called a ____________.
sole proprietorship
National debt
The _______ model of social responsibility states that businesses should emphasize not only profits, but also the impact of its decisions on society.
socioeconomic
A ________ (import duty) is a tax on imported goods.
tariff
Every partnerships needs at least one ________ partner.
general
An example of ________ competition would be shoes or clothing. Product differentiation is key here.
Monopolistic
______ is all the activities that are undertaken to protect the rights of consumers.
Consumerism
______ is when you export large quantities of a product at a lower price than that in your home market.
Dumping
A(n) _________ corporation has stock that is not sold to the general public.
closed