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| Individuals or organizations that try to earn a profit by providing product to satisfy people's needs |
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| The condition in which a nation spends more than it takes in from taxes |
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| capitalism, or free enterprise |
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| An economic system in which individuals own and operate the majority of businesses that provide goods and services |
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| First described by Karl Marx as a society in which the people, without regard to class, own all the nations resources |
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| The rivalry among businesses for consumers' dollars |
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| The number of goods and services that consumers are willing to buy at different prices at a specific time |
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| A condition of the economy in which unemployment is very, consumer spending is low, and business output is sharply reduced |
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| A slowdown of the economy chracterized by a decline in spending and during which businesses cut back on production and lay off workers |
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| The situation that occurs when an economy is growing and ppl are spending more money; their purchases stimulate the production of goods and services. which in turn stimulates employment |
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| A description of how a particular society distributes its resources to produce goods and services |
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| The study of how resources are distributed for the production of goods and services within a social system |
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| An individual who risks his/her wealth, time, and effort to develop for profit an innovative product or way of doing something |
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| The price at which the number of products busineeses are willing to supply equals the amt of products consumers are willing to buy at a specific point in time |
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| The funds used to acquire the natural and humna resources needed to provide products. Also called capital |
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| Pure capitalism, in which all economic decisions are made w/o goveernment intervention |
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| gross domestic product (GDP) |
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| The sum of all goods and services produced in a country during a year |
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| The physical and mental abilities that ppl useto produce oods and services; also called labor |
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| A condition characterized by a continung rise in prices |
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| Economics made up of elements form more than one economic system |
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| The market structure that exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell are small |
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| The market structure that exists when there is only one business providing a product in a given market |
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| Land, forests, minerals, water, and other things that are not made by people |
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| Organizations that may provide goods and services but do not have the dundamental purpose of earning profits |
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| The market structure that exists when there are very few businesses selling a product |
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| The difference b/t what it costs to make and sell a product and what the customer pays it |
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| The market structure that exists when there are many small businesses selling one standardized product |
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| A decline in production, employment, and income |
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| An economic system in which the government owns and operates basic industries, but inividuals own most businesses |
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| Groups that have a stake in the success and outcomes of a business |
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| THe number of products--goods and services-- that businesses are willing to sell at different prices at a specific time |
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| The condition in which a percentage of the population wants to work but is unable to find jobs |
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| Payments, gifts, or special favors intended to influence the outsome of a decision |
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| The priciples and standards that determine acceptable conduct in business |
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| Formalized rules and standarads that describe what a company expects of its employees |
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| The activities that independent individuals, groups, and organizations undertake to protect their rights as consumers |
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| THe extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders |
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| An identifiable problem, situation, or opprotunity that requires a person to choose from among several actions that may be evaluated as right or wrong, whtical or unethical |
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| The act of taking someone else's work and presenting it as your own without mentioning hte source |
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| A business's obligation to maximize its positive impact and minimize its negative impact on society |
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| The act of an employee exposing an employer's wrongdoing to outsiders, such as media or government regulatory agencies |
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| A common business relationship created when one person acts on behalf of another and under that person's control |
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| In an agency relationship, the party who acts on behalf of the principle to accomplish a task |
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| A court that deals solely with appeals relating to the interpretation of law |
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| A form of negotiation to resolve a dispute-- usually a labor.management dispute- by a third party whose solution is legally binding and enforceable |
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| The failure or refusal of a party to a contract to live up to his or her promises |
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| The rules and regulations that govern the conduct of business |
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| Federal law that prohibits proce discrimination, tying and exclusive agreements, and the acquisition of stock in another coporate where the effect may be to substantially lessen competition or tend to create a monopoly |
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| A mutual agreement b/t two or more parties that can be enforced in a court if one party chooses not to comply w/the terms |
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| A statement that stipulates the specific terms the seller will hono |
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| Federal Trade Commision (FTC) |
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| A government agency that enforces laws and guidelines regarding business paractices and takes action to stop false and deceptive advertising, labeling, and pricing |
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| A purposeful unlawful act to decieve or manipulate in order to damage others |
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| A warranty imposed on a producer or seller by law |
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| property that is generated by a person's creative activites |
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| The legal power of a court, through a judege, to interpret and apply the law and make a binding decision in a particular case |
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| Dispute resolution prcedures in which one individual or organization takes another to court |
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| A form of negotiation to resolve a dispute by bringing in one or more third-party mediators to halp reach a settlement |
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| Method of dispute resolution in which both parties present a summerized version of their case to an independant third party, who then offers advice as to the probable outcome should the case be tried |
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| All property other than real property |
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| In an agency relationship, the party who wishes to have a sepcifuc task accomplished |
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| Private nongovernmental court in which an independent third partyresolves the case after hearing both sides of hte story |
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| Businesses' legal responsibility for any negliance in the design, production, sale, and consumption of products |
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| Real estate and everything permanently attatched to it |
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| Federal law that revents businesses from restraining trade and monopolizing markets |
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| A private or civil wrong other than breach of contract |
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| A court that determines the facts of a case, decided which laws pertain, and applies those laws to resolve the dispute |
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| Uniform Commercial Code (UCC) |
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| A set of statutiry laws covering several business law topics |
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