the allocation of scarce resources among competing individuals
What is economics?
100
The Board of Directors of a Corporation are elected by this group.
What are stockholders?
100
the selling of goods and services to other countries.
What is exporting?
100
A person that takes on the risk and reward for starting a business.
who is an entrepreneur?
100
the standards of moral behavior
What are ethics?
200
Economic system in which decisions about what to produce and in what amount are decided by the market's buyers and sellers.
What is a free market system?
200
the most common form of business ownership in the US.
What is a sole proprietorship?
200
When imports are greater than export you have this.
What is trade deficit?
200
A document that summarizes a proposed business venture, its goals, & plans for achieving those goals.
What is a business plan?
300
Today, the economies of most nations of the world would be classified as this.
What are mixed economies?
300
The type of business relationship that the terms general, limited, master limited, and limited liability refer to.
What are partnerships?
300
In an effort to protect domestic jobs, some countries will place a limit on the number of certain types of products that can be imported.
What are import quotas?
300
An investor who provides money to finance new businesses or turnarounds in exchange for a portion of the ownership.
Who is a venture capitalist?
400
The economic system based on economic freedom and competition
What is capitalism?
400
The person that sells the right to use a business name and sell a product within a given territory.
Who is the franchisor?
400
The complete ban of the imports or exports of certain products.
What is an embargo?
400
Using their skills, being their own boss, keeping the business earnings, and setting their own schedule are reasons people do this.
What is start their own business?
400
Pay taxes, providing employment, and offering goods and services can be considered this.
What are ways a business contributes to society?
500
The economic system characterized by public ownership & operation of key industries combined with private ownership & operation of less-vital industries.
What is socialism?
500
this type of business offers limited liability, along with tax benefits of a partnership
who is a limited liability corporation?
500
An approach by multinational corporations to enter foreign markets through partial or whole ownership and control of assets in foreign countries
What is foreign direct investment?
500
Tech advances, diversity, e-commerce, & social media help drive this.