Economic Decisions and Systems

A written agreement amongst all owners

A precise statement of results the business expects to achieve

In this economy resources are owned and controlled by the government; limits personal freedom

Rules about how businesses and employees behave

Individuals and organizations that determine what products and services will be available

Taking responsibility for the results achieved

Code of Ethics is a set of rules for guiding business processes

Which of the following is not shown on an organizational chart

This would protect a composer's musical composition

Any debts of the business are the responsibility of the owner(s) in this business

The result of this business activity allows businesses to complete day-to-day operations.

A diagram that shows the structure of an organization

Means there is a clear reporting relationship for all staff of a business

The company purchasing the rights to run a business in a set way

A nation's plan for answering the 3 economic questions

The rivalry among businesses to sell their goods and services is 

Products or services business produce do this for consumers ... 

An organization that supplies a service or product vital to all people

The value of the next best alternative that you did not choose

An example of a non-renewable resource is 

The people who make the major policy and financial decisions in a corporation are 

Owned by members, serves their needs and is managed in their interest

The means through which goods and services are produced, "Factors of Production".

This Act requires businesses to accomodate employees and customers needs

These create products and services used by others 

Main goal of federal government oversees the activities that involves states only

A code of ethics designed to 

These prevent unfair business practices 

There is no protection for the personal assets of any owner(s)/partner

Something of measurable value is called 

This type of property is intangible with no physical characteristics

The ADA requires that a company 

This government certificate verifies that a business is non-profit

A written legal document that defines ownership and operating procedures and conditions

True or False - Both individuals and organizations can be producers

This protects the creative work of authors, composers and artists

Not having enough resources to satisfy every need results from ... 

A separate legal entity formed by documents filed with a state

This is commonly known as a Free Enterprise

When an action by a company or individual results in an unfair benefit

Interstate Commerce is when business is done

The direction of a business comes from

This group of people make the decisions within a corporation

the quantity of a good or service that consumers are willing and able to buy

The right to make decisions about how responsibilities should be accomplished

Take resources to make something from nature for direct consumption

Descriptions of the way work is to be done

This organization sets measurable standards for water and air quality ... 

the quantity of a good or service that businesses are willing and able to provide

Businesses and Consumers do this

Business owned by one person

This business activity is the one that all businesses are founded on

Commonly known as an LLC

True or False - an oral contract can be legally binding

An offer must be made and an acceptance must occur.

Guidelines used in making consistent decisions

Spending on social programs must be at a suitable level so a business can still earn a  profit

In this structure work is arranged within main business functions

Intrastate Commerce is business dealing 

A retailer is an example of a(n)

A product or service is to be legally sold, no fraud or deception exists within agreement

People who produce goods and services 

One of the principles of the US economic system that is the right to own things of value

The obligation to complete specific work

This group sets demand for products, through buying and using goods and services.

A word, letter, or symbol linked with a specific company or product

The point where supply and demand are equal.... 

Customers consume the activities of this business 

Business invest resources for this primary purpose

Get supplies from other producers and convert them into products.

A unique business organized by 2 or more other businesses

An example of a non-renewable resource would be

Most popular form of ownership for large business

This gives an inventor 20 years protection

Each party must be considered competent for a contract to be enforcable

Business owned and controlled by 2 or more people who have entered into an agreement

If there are a number of products that satisfy a want, the demand for the product will ... 

Goods and Services are produced the way it has always been done.

A principle of the US economic system is that people can make decisions independently called

This worker is one who has no explicit or implicit long term employment

Conservation is 

Refers to the duty of a business to contribute to the well being of a community

The company that owns the product in a franchise agreement

These are the operating procedures for a corporation 

A business must be good at this to determine performance and make decisions

Businesses involved in selling the goods and services of producers, consumers & other business

In which of the following economic systems is the government's role greatest?

The basic economic problem is that consumers have too many products and services to choose from

This partnership identifies who cannot lose more than the amount invested

An example of a natural resource is 

The number of employees who are assigned to a particular work task

A monopoly is 

This Administration oversees workplace safety 

Activities directed at providing the goods and services wanted by a business's customers .....

A written contract granting permission to operate a business,sell production a set way

If a business has employees, they must do this busines activity

An agreement to exchange goods and services for something of value

Anti-trust laws are designed to 

In this structure work is organized around specific projects

when you give up something to have something else