Business 1-final Review Pt 2

Something of value promised in return for good or service.

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

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

Entrepreneurs take risks to start and run _____.

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

A governmental tax on imported goods

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

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

Products are commonly known as _____.

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

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

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

Legally able to enter into a binding agreement

A major advantage of forming a corporation

Agreeing to the terms of a contract is _____.

Which of the following is not a trade barrier?

A proposal to provide a good or service

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

When demand is higher than the available resources

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

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

A general decline in prices throughout an economy.

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

When Santa buys a new sled for himself.

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

Co-owned by two or more general partners

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

The difference between a nation’s exports and its imports

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

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

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

A written contract that establishes a partnership

A business that creates goods and services

Businesses are required by federal law to give all workers _____

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

includes governmental organizations, schools, and the military

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

A country’s exports minus imports

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

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

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

An order to remove or repair unsafe products in the market

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

Which Point is the Equilibrium Point

The economy is growing and the GDP is rising.

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

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

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

Businesses or people that take natural resources from the land

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

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

End of expansion; highest point in business cycle

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

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

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

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

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

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

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

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

A rising unemployment rate indicates a _____.

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

Which of the following is an example of an intermediary?  

Non-profit organizations that may be either public or private

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

Locate the Demand Curve

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

An organization that exists to serve some public purpose.

Products businesses use to produce final products for consumers

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

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

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

Businesses that use supplies from other producers to make products

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

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