Business 1-final Review Pt 2

A major advantage of forming a corporation

Entrepreneurs take risks to start and run _____.

An absolute advantage exists when a country can produce goods more efficiently than

Which Point is the Equilibrium Point

A country’s exports minus imports

Products businesses use to produce final products for consumers

When a business sells the right to manufacture its products or use its trademark

A governmental tax on imported goods

The price of product is determined by the law of _____.

Market structure with one business that has complete control of a market’s entire supply of goods and services.

Legally able to enter into a binding agreement

Businesses that use supplies from other producers to make products

An association of two or more persons who co-own a business with the objective of earning a profit

A proposal to provide a good or service

The government makes all the economic decisions for its citizens in a _____ economy.

Businesses are required by federal law to give all workers _____

Economy where both government and individuals make the decisions about economic resources.

Type of business that is growing faster than any other type of business

How a market is organized based on the number of businesses competing for sales in an industry

An organization that exists to serve some public purpose.

Each person who participates in a contract agreement is called a(n) _____.

When DEMAND for a product becomes GREATER than available SUPPLY, a(n) _____ develops.

Something of value promised in return for good or service.

includes governmental organizations, schools, and the military

When demand is higher than the available resources

Co-owned by two or more general partners

The more products a worker produces in a given amount of time, the higher the worker’s _____.

The strength of an economy can be measured using certain economic _____.

A written contract that establishes a partnership

Which of the following is not a trade barrier?

A measure of average prices paid by consumers for consumer goods and services.

When Santa buys a new sled for himself.

All the people in a nation who are capable of working and want to work.

Which of the following is an example of an intermediary?  

Locate the Demand Curve

Economy where economic decisions are based on the society’s values, culture, and customs

Business Co-owned by at least one general partner and one or more limited partners

When two or more businesses work together to remove their competition, set prices, and control distribution

An action or task that is performed, usually for a fee.

Occurs when two or more businesses in an industry agree to sell the same good or service at the same price.

A business that is owned and operated by those using its services.

Goods and services produced within a country’s borders and sold in another country.

Form of business ownership described as an "artificial person" .

An economic system where the economic resources are privately owned by individuals rather than the government.

A rising unemployment rate indicates a _____.

The connection among nations when economies freely move goods, labor, and money across borders

When a lower price is the main reason for customers to buy from one business over another

The exchange rate is set by the forces of supply and demand in the foreign exchange market.

A legally binding agreement between two or more people or businesses.

The market price for a product is determined at a point where _____.

A period of economic contraction that is severe and lasts a long time is called a(n) _____.

A science that examines how goods and services are produced, sold, and used

A business that operates in more than one country is a _____.

The economic growth rate of a country shows the amount and direction of the change in _____.

The market value of all final products produced in a country during a specific period of time.

In a _____ economy, individuals free to make their own economic decisions.

The driving force in choosing to start a business is _____.

Agreeing to the terms of a contract is _____.

The economy is growing and the GDP is rising.

The lowest stage of a business cycle; marks end of a recession

Which government agency works to prevent unfair competition and deceptive business practices?

Level of material comfort measured by the goods/ services/luxuries that a person is able to purchase with their wages

Businesses or people that take natural resources from the land

Partner who does not participate in managing the business is a(n)__partner.

An order to remove or repair unsafe products in the market

End of expansion; highest point in business cycle

One of the sole purposes of a for-profit business is to be productive & generate money for its

The difference between a nation’s exports and its imports

Products are commonly known as _____.

A general decline in prices throughout an economy.

A period of significant decline in the total output, income, employment, and trade in an economy.

A general rise in prices throughout an economy is called _____.

Business that buys large quantities of products from producers & sells the them in smaller quantities to retailers

A business that creates goods and services

The body of laws related to the exchange of goods and services for international trade is called _____.

Non-profit organizations that may be either public or private

An organized way in which a nation chooses to use its resources to create goods and services.