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| Any activity that seeks to provide goods and services to others while operating a profit |
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| Amount of money a business earns above and beyond what it spends |
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| A person who risks time and money to start and manage a business |
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| Total amount of money a business takes in during a given period by selling goods and services |
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| When business's expenses are more then revenues |
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| Chance an entrepreneur takes of losing time and money on a business that may not prove profitable |
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| AMount of goods and services people can buy with the money they have |
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| General well-being of society |
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| All the people who stand to gain or lose by policies and activities of a business |
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| Assigning various functions to outside organizations |
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| Organization whose goals do not include personal profit for owners or organizers |
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| Everything from phones to computers to make business processes more efficient and productive |
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| Amount of output you generate given the amount of input |
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| Buying and selling goods and services over the internet |
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| Giving frontline workers responsibility, authority, and freedom to respond quickly to customer requests |
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| Statistical study of human population wiht regard to its size, density, and other characteristics; age, race, sex |
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| Tangible products such as computers, food, clothing, cars, and appliances |
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| Intangible products such as education, health care, welfare |
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| Study of how society chooses to employ resources to produce goods and services and distribute them from consumption among various competing groups and individuals |
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| Part of economics that looks at the operation of a nation's economy as a whole |
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| Part of economics that looks at behavior of people and organizations in particular markets |
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| A phrase coind by Adam Smith to describe the process that turns self directed gain into social and economic benefits for all |
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| Economic system in which all or most of the factors of production and distribution are privately owned and operated for profit |
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| Quantity of products manufacturers or owners are willing to sell at different prices at a specific time |
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| Quantity of products people willing to buy |
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| Price determined by supply and demand |
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| Market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product |
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| Large number of sellers produce products that are similar but are perceived different by buyers |
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| A form of competition in which a few sellers dominate a market |
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| One seller for a product or service |
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| Economic system based on premis that some, if not most, basic businesses should be owned by government so profits can be evenly distributed among people |
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| Loss of the best and brightest people to other countries |
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| Economic system which the market largely determines what goods and services get produce, who gets them and how economy will grow |
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| Economic system which the government determines what goods and services get produce, who gets them, and how economy will grow |
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| Mixes of free and command |
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Term
| Gross Domestic Product(GDP) |
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Definition
| Total value of final goods and services produced in country in given year |
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| Number of civilians at least 16 years of age, who are unemployed and tried to find a job within a prior four weeks |
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| General rise in prices of goods |
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| The periodic rises and falls that occur in all economies over time |
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| Four phases in business cycle |
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| Recession, Depression, Recovery, Stabilization |
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| The federal government's effort to keep the economy stable by increasing or decreasing taxes or government spending |
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| SUm of government's deficits over time |
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| The management of the money supply and interest rates |
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| Buying products from another country |
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| Selling products to another country |
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| Movement of goods and services among nations without political or economic barriers |
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| Total value of a nation's exports compared to its imports, measured over a particular period |
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| An unfavorable balance of trade; occurs when the values of a country's imports exceeds that of its exports |
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| Difference between moneying coming into a country and money leaving the country. |
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| Selling products in a foreign country at lower prices than those charged in the producing country |
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| A global strategy in which a frim allows a foreign company to produce its product in exchange for a fee |
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| A foreign country's production of private-label goods to which a domestic company then attaches its brand name or trademark |
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| A partnership in which two or more companies join to undertake a major project |
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| Long term partnership between two or more companies established to help each company build competitive market advantages |
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| Foreign Direct Investment |
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| Buying of permanent property and businesses in foreign nations |
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| Value of one nation's currency relative to the currencies of other countries |
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| Lowering the value of a nation's currency relative to other currencies |
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| Complex form of bartering in which serveral countries may be involved, each trading goods for goods |
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| Use of government regulations to limit the import of goods and services |
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| Limit on number of products in certain categories that a nation can import |
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| A complete ban on the import or export of a certain product or stopping all trade with a particular country |
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| Internation organization that replaced GATT and was assigned the dity to mediate trade disputes among nations |
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| A regional group of countries that have a common external tariff, no internal tariffsm and a coordination of laws to faciliate exchange; also called a trading block |
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| North atlantic free trade association ( US, Canada, Mexico) |
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| Central America Free Trade Agreement (Costa rica, D.Rep, El Savador, Honduras, Nico., Guat.) |
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| South america, brazil, argentina, paraguay, uraguay, chilie, bolivia |
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