Chapter 1 Business [Terms]

When only one business is selling a product, it is called a _____.

The physical and mental abilities of human forces in a business is called?

The funds needed to get resources needed to provide product is called Capital, or _____.

The condition in which a nation spends more than it takes from taxes is called?

The number of products a business is willing to sell at a specific time and price is called?

Capitalism, or _______ is an economic system in which individuals own and operate the business.

A/An _______ is something that tries to make profit by providing goods and services.

The study of how resources are distributed for the use of making goods and services is?

A good or service that provides satisfaction and benefits for the consumer is called?

What is that 'Special Organization' called?

This competitive environment is described as few businesses selling one single product.

A economic term, marked by continuously rising prices would be called?

The United States of America is under which economic system?

The groups of people who are invested in the outcomes of a business are named...

Described by Karl Marx as, "A society in which the people own all the nations resources."

Land, forests, water, among other things not made by humans, all fall under the term...

The market structure in which many businesses are selling one standardized product is?

When the Economy slows down it is called ___. When it is stimulated however, it is called ___.

The rivalry between businesses for consumers' dollars is called?

What kind of competitive environment is "in between" Pure Competition and Monopoly?

The ultimate goal of most businesses is this. Special organizations are not aimed for this goal

A decline in production, employment, and income.

The condition of an economy when unemployment is high and spending is low would be referred as?

An economic system where there is absolutely no gov't in it is called a free-market system, or?

Number of goods and services that consumers are willing to buy at different prices is called?

An economic system in which the gov't owns basic industries, but individuals own businesses.