Chapter 1 - Exploring the World of Business

Less than 50 percent of small businesses fail within the first five years

The ________is the percentage of a nations labor force unemployed at anytime.

Demand is a

The United States economy is one that exhibits elements of both capitalism and socialism called

A time where two or more consecutive 3 month periods of decline in a coutry GDP occur is___

A system where individuals own and operate the majority of business.

When the levelof prices in an economy rise, it's called

The ability to work well with many types of people in the work place is referred to as

________is a rivalry among busineses for sales to potential customers.

An organized effort to produce and sell goods and services for a profit.

The United States is a communist country.

A_____is a severe recession that lasts longer than a recession and larger decline in business

______is the online interaction that allows people and business to communicate to share ideas

A study of how wealth is created and distributed.

A person who takes risk and invests in a business

Profit is payment that business owners receive for assuming the considerable risks of ownership

The largest level of output per worker.

A general rise in the level of prices is called inflation.

___________is a general decrease in the level of prices.

The government spends more than it receives.

Value of all goods and services produced within a country for one year.

_______is system of business where individuals decide, what to produce, how to produce & price 

What term implies that there shall be no government interference in the economy?

The total of all federal deficits is called

System of exchange