Business Ch. 1-3

Competition between consumers pushes prices

What is the profit calculation?

A ________________ business buys goods resells them directly to consumers

In which economy do the suppliers and consumers control the production, allocation, and goods of services?

A ______________ business converts materials into goods suitable for use and then sells those goods to others

The natural ability to do a particular type of work well

A ____________ is a legally defined type of business in which at least two individuals share liability

__________: being sensitive to the thoughts and feelings of others

Unlimited liability means that a business owner can be legally forced to use personal money to pay debts of the busines

__________ is the business activity in which goods or servies are sent from a country and sold to foreign consumers

What is not an advantage of entrepreneurship?

The ____ is where the supply curve and demand curve intersect

A ___________ is a graph that includes both a supply and demand curve

a way of viewing or thinking about something that affects how you feel about it

Limited liability means that a business owner can be legally forced to use personal money to pay business debt

Economics is a physical science that is concerned with how people satisfy their demands for goods and services

A ________________ operates solely for the good of a society

What is a disadvantage of entrepreneurship?

A skill can't be taught, it is something you are born with

At 12, ____________ was selling newspapers, candy, adn snacks at the local railroad station

______________ is the business activity in which goods and services are brought into a country from foreign suppliers

A ______________ is a governmental restriction on international trade

A _______ business buys goods in large quantities typically from manufacturers, and resells them in smaller batches

A ________________ partnership where at least one partner has limited liability for the debts of the business.

A ________ business provides services to customers for a fee

Competition between suppliers pushes prices

What is another word for market economy?

A ___________ is a fee, similar to a tax, that importers must pay on the goods they import

________________: the ability to stay focused and follow a schedule to meet deadlines