Activities provided for the satisfaction of others and consumed at the time of purchase are __________________________
services
______________are businesses offering very similar products to the same customers.
competitors
A _____________________ is an item that is purchased and can be seen and / or touched.
good
Things that are required in order to live are called _________________.
needs
A nation's plan for answering the three economic questions is called its _____________.
economic system
In the ___________________ system, the resources are owned and controlled by the people of the country.
market economy
______________ are things available to be used to produce goods and services.
economic resources
Goods and services are produced the way they have always been produced in a(n) ______________ system.
traditional economy
________________ means not having enough resources to satisfy every need.
scarcity
_______________ is the quantity of a good or service that consumers are willing and able to buy.
demand
In a Market Economy, __________________ set the demand for products.
consumer
Natural disasters, such as a hurricane or drought, and then number of competing products are examples of things that determine ___________________.
supply
The __________________ for a product illustrates the relationship between the price of a product and the quantity businesses will produce.
supply curve
__________________ are individuals and organizations that determine what products and services will be available for sale.
producers
Personal economic freedom is most limited in a(n) _________________ system.
command economy
A(n) ______________________ combines elements of the command and market economies.
mixed economy
An economic ____________________ is the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again.
recovery
_________________ is the type of money a country uses to exchange goods and services.
currency
____________________ is a period in the business cycle when demand begins to decrease, businesses lower production, and GDP growth slows for two or more quarters of the calendar year.
recession
The portion of people in the labor force who are not working is the ____________________ rate.
unemployment
The movement of the economy from one condition to another and back again is called a business ____________________.
cycle
When a government spends less than it takes in, a budget ____________________ is the result.
surplus
When you make an economic choice, the _________________________ is the value of the next-best alternative that you did not choose.
opportunity cost
Personal ____________________ refers to salaries and wages as well as investment income and government payments to individuals.
income
_________________ is when you owe money.
debt
____________________ spending refers to money spent by a business for an item that will be used over a long period of time.
capital
A _________________________ is a number that compares prices in one year with prices in some earlier base year.
price index
Activities provided for the satisfaction of others and consumed at the time of purchase are ____________________.
services
____________________ means not having enough resources to satisfy every need.
scarcity
Personal economic freedom is most limited in a(n) ____________________ economic system.
command
____________________ is the production output in relation to a unit of input, such as a worker.
productivity
Retail sales include the sales of durable and nondurable goods bought by ____________________.
consumers
The money left over from sales after all the costs of operating a business have been paid is called ____________________.
profit
Things that add comfort and pleasure to your life are ____________________.
wants
____________________ represents ownership, or equity, in a corporation.
stock
Henry Ford improved productivity through the use of the __________________________.
assembly line
Gross ____________________ product is the total value of all final goods and services in a country in one year.
domestic
You are considered ____________________ if you are looking for work and willing to work but unable to find a job.
unemployed
A(n) ____________________ economy combines elements of the command and market economies.
mixed
____________________ is an increase in the general level of prices.
inflation
The situation in which a country specializes in the production of a good or service and has a lower opportunity cost than another country producing the same good is called _______________ advantage.
comparative
Gross ______________ product is the total value of all final goods and services produced in a country in one year.
domestic
_____________ is when you owe money.
debt
A trade ________________ is a restriction to free trade.
barrier
If a nation imports more than it exports, it has a trade ________________.
deficit
You are considered _________________ if you are looking for work and willing to work but unable to find a job.
unemployed
The accepted behaviors, customs, and values of a society are referred to as _______________.
culture
A nation's transportation, communication, and utility systems is referred to as its ________________.
infastrucuture
________________ is an increase in the general level of prices.
inflation
Items bought from other countries are called _________________.
imports
______________ means not having enough resources to satisfy every need.
scarcity
The _______________ rate is the value of a currency in one country compared with the value in another
exchange
The money left over from the sales after all the costs of operating a business have been paid is called _____________.
profit
A negative or ______________ balance of payments occurs when a country sends out more money than it brings in.
unfavorable
International business is frequently referred to as world or ____________ trade.
foreign
The movement of the economy from one condition to another and back again is called a business_____________.
cycle
_____________ rates are the cost of using someone else's money.
interest
_____________ is the type of money a country uses to exchange goods and services.
currency
When a government completely stops the import or export of a product, it is called a(n)______________.
embargo
Saving scarce natural resources is called ____________________.
conservation
When the by-products of human actions taint the environment, ____________________ occurs.
pollution
In the United States, work safety standards are regulated and enforced by the ____________________ Safety and Health Administration.
occupational
____________________ are rules about how businesses and their employees ought to behave.
business ethics
A(n) ____________________ of interest occurs when an action by a company or individual results in an unfair benefit.
conflict
Business dealings involving companies in more than one state is ____________________ commerce.
interstate
A(n) ____________________ is an agreement to exchange goods or services for something of value.
contract
A valid contract must contain ____________________: an offer must be made, and an acceptance must occur.
agreement
A(n) ____________________ protects the creative work of authors, composers, and artists.
copyright
A word, letter, or symbol linked with a specific company or product is a(n) ____________________.
trademark
A public ____________________ is an organization that supplies a service or product vital to all people.
utility
A(n) ____________________ exists when a business has control of the market for a product or service.
monopoly
Government income is called ____________________.
revenue
A tax that is based on the value of land and buildings is called ____________________ tax.
property
Natural resources, such as oil, gas, & minerals, that cannot be replaced are referred to as _______________________ resources
non-renewable
_______________________ is the duty of a business to contribute to the well-being of a community.
social responsibility
A person's _________________ are their principles of morality or rules of conduct.
ethics
A _______________________ is a set of rules for guiding the actions of employees or members of an organization.
code of ethics
A __________________ gives the inventor the sole right to make, use, or sell the item for 20 years.
patent
A __________________ are ways that government can prevent unfair business practices, such as false advertising, deceptive pricing, and misleading labels.
antitrust laws
____________________ activities are directed at convincing customers to buy the goods and services sold by a business.
marketing
A(n) ____________________ is one who has no explicit or implicit contract for long-term employment.
contingent worker
____________________ are businesses involved in selling the goods and services of producers to consumers and other businesses.
intermediaries
A(n) ____________________ is a short, specific written statement of the reason a business exists and what it wants to achieve.
mission statement
____________________ are guidelines used in making consistent decisions, and to determine why and how work is done.
policies
A business that takes resources from nature for direct consumption or for use in developing other products is a specific type of producer called a(n) ____________________.
extractor
A(n) ____________________ is a company that is a specialized partnership or corporation that combines the best features of a partnership and a corporation and provides liability protection for owners.
limited liability
The _____________ is a written legal document that defines ownership and operating procedures and conditions for the business.
articles of incorporation
____________________ are descriptions of the way work is to be done.
procedures
____________________ means that there is a clear reporting relationship for all staff of a business.
unity of command
A ___________________ carries out activities that are consumed by its customers.
service business
An __________ is a diagram that shows the structure of an organization, including classifications of work and jobs, and the relationships among those classifications.
organization chart
A business formed as a(n) ____________________ is a separate legal entity formed by documents filed with the state.
corporation
A(n) ____________________ is a business owned and run by just one person.
proprietership
A(n) ___________________ is a written agreement among all owners
partnership agreement
A corporation must create corporate ____________________ that are the operating procedures for the company.
bylaws
A(n) _______________ is a written contract granting permission to operate a business to sell products and services in a set way.
franchise
In a(n) ____________________, all income is passed through to the owners based on their investment and is taxed on their individual tax returns
s corporation
Sometimes a group of people forms a(n) ____________________ to provide goods and services that they all need; it is owned by members, serves their needs, and is managed in their interest.
cooperative
A _________________ is a precise statement of results the business expects to achieve.
goal
A ___________________ is a business owned and controlled by two or more people who have entered into an agreement.
partnership
In a(n) ____________________ organizational structure, work is structured around specific projects, products, or customer groups.
matrix
The process of starting, organizing, managing, and assuming the responsibility for a business
entreprenuership
Money provided by large investors
venture capital
An invention or creation that is
brand new.
innovation
A designed change that increases
the usefulness of a product, service, or process
improvement