Entrepreneurship Chapter 2

Economy that covers a limited area, such as a community or town.

Fee, similar to tax, that importers must pay on the goods they import.

Business activity where goods/services are sent from a country and sold to foreign consumers.

Organization that operates solely to serve the good of society.

Transaction in which both suppliers and consumers believe they benefit.

Quantity of goods/services consumers are willing to buy at a specific price and specific time.

Limit on the quantity of a product that can be imported into a country.

Another name for business.

Government restrictions on international trade.

Quantity of goods/services a business is willing to sell at a specific price and time.

Business activity where goods or services are brought into a country from foreign suppliers.

Flow of goods and services around the world.

Another name for the cash and goods a business owns

Another name for the free enterprise system.

State when there are not enough goods or services to meet the demand.