Business Basics
Things that are required in order to live.
What are Needs?
A decrease in the general level of prices
What is Deflation?
Completely prohibiting the import or export of a product.
What is an Embargo?
Saving scarce resources.
What is Conservation?
Occurs when a country buys more than it sells.
What is a Trade Deficit?
Those who buy and use goods and services.
Who are Consumers?
Those who determine which products and services will be available for sale in a market economy.
Who are the Producers?
A tax that a government places on certain imported products.
What is a Tariff?
A natural resource that cannot be replaced when used up.
What is a Non-renewable Resource?
Occurs when a country sells more than it buys
What is a Trade Surplus?
Things that are intangible and have no physical characteristics.
What are Services?
An increase in the general level of prices.
What is Inflation?
A limit on the quantity of a product that may be imported or exported.
What is a Quota?
Occurs when the environment is tainted with the by-products of human actions.
What is Pollution?
This group was created in 1995 to promote trade around the world.
Who is the World Trade Organization?
Things that you can see and touch.
What are Goods?
Salaries and wages as well as investment income and government payments to individuals.
What is Personal Income?
A number that compares prices in one year with some earlier base year.
What is Price Index?
About how many people are employed in the United States?
158 Million
Business dealings involving companies in more than one state
What is Interstate Commerce?
The production output in relation to a unit of input.
What is Productivity?
The interest rate banks make available to their best business customers
What is a Prime Rate?
exists when a country specializes in the production of a good or service at which
What is Comparative Advantage?
For a contract to be valid, something of measurable value must be exchanged by the parties involved.
What is the Principles of of Condieration?
Business dealings involving companies that do business in only one state.
What is Intrastate Commerce?