Economic Decisions and Systems

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

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

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

when you give up something to have something else

Interstate Commerce is when business is done

A code of ethics designed to 

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

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

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

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

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

The right to make decisions about how responsibilities should be accomplished

These create products and services used by others 

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

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

Guidelines used in making consistent decisions

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

This government certificate verifies that a business is non-profit

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

The obligation to complete specific work

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

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

In this structure work is arranged within main business functions

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

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

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

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

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

An example of a non-renewable resource would be

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

The ADA requires that a company 

An example of a natural resource is 

People who produce goods and services 

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

Most popular form of ownership for large business

These are the operating procedures for a corporation 

This Act requires businesses to accomodate employees and customers needs

Which of the following is not shown on an organizational chart

Businesses and Consumers do this

A retailer is an example of a(n)

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

An agreement to exchange goods and services for something of value

Something of measurable value is called 

True or False - an oral contract can be legally binding

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

Business invest resources for this primary purpose

Anti-trust laws are designed to 

These prevent unfair business practices 

A monopoly is 

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

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

This partnership identifies who cannot lose more than the amount invested

This gives an inventor 20 years protection

This would protect a composer's musical composition

This protects the creative work of authors, composers and artists

Intrastate Commerce is business dealing 

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

The company that owns the product in a franchise agreement

True or False - Both individuals and organizations can be producers

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

An example of a non-renewable resource is 

A nation's plan for answering the 3 economic questions

A separate legal entity formed by documents filed with a state

This type of property is intangible with no physical characteristics

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

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

The direction of a business comes from

A unique business organized by 2 or more other businesses

Customers consume the activities of this business 

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

Commonly known as an LLC

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

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

This Administration oversees workplace safety 

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

Take resources to make something from nature for direct consumption

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

Taking responsibility for the results achieved

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

Get supplies from other producers and convert them into products.

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

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

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

Business owned by one person

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

A written agreement amongst all owners

The rivalry among businesses to sell their goods and services is 

Conservation is 

In this structure work is organized around specific projects

Descriptions of the way work is to be done

This group of people make the decisions within a corporation

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

A precise statement of results the business expects to achieve

This is commonly known as a Free Enterprise

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

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

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

A diagram that shows the structure of an organization

Rules about how businesses and employees behave

An offer must be made and an acceptance must occur.