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| Tangible products such as computers, food, clothing, cars and appliances |
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| Intangible products that can't be held in your hand like, educations, health care, insurance, recreation and travel |
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| any activity that seeks to provide goods and services to others while operating at a profit |
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| a person who risks time and money to start and manage a business |
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| the total amount of money a business takes in during a given period by selling goods and services and assets |
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| the amount of money a business earns above and beyond |
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| occurs when a business' expenses are more than its revenues |
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| the chance an entrepreneur takes of losing time and money on a business that may not prove profitabe |
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| the general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure and rewards that add to the personal satisfaction |
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| all the people who stand to gain or lose by the policies and activities of a business and whose concerns the businesses need to address |
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| contracting with other companies to do some of the firm's functions |
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| foreign companies opening offices and factories in the United States |
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| everything from phones to copiers and the various software programs that make business more affective, efficient and productive |
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| the surrounding factors that either help or hinder the development of business |
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| the movement of the temperature of the planet up or down over time |
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| an electronic storage file for information |
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| the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income |
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| the buying and selling of online goods over the internet |
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| allowing workers to make other decisions essential to producing high-quality goods and services |
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| Land, Labor, Capital, Entrepreneurship, Knowledge |
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| saving energy and producing products that cause less harm to the environment |
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| the obtaining of individual's personal information, such as Social Security and credit card numbers, for illegal purposes. |
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| an organization whose goals do not include making a personal profit for its owners or organizers |
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| the amount of output you generate given the amount of input, such as the number of hours you work |
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| the amount of goods and services people can buy witht he money they have |
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| the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals |
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| the operation of a nation's economy as a whole |
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| the behavior of people and organizations in markes for particular products or services |
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| the study of how to increase resources and create conditions that will make better use of them |
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| used to describe the process that turns self-directed gain into social and economic benefits for all |
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| all or most of the factors of production and distribution-such as land, factories, railroads, and stores- are owned by individuals |
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| determined by supply and demand |
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| exists when there are many sellers, in a market and none is large enough to dictate the price of a product |
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| a large number of sellers produce very similar products that buyers nevertheless perceive as different, such as hot dogs, sodas, personal computers, and T-shirts |
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| a degree of competition in which just a few sellers dominate a market, as we see in tobacco, gasoline, automobiles, aluminum, and aircraft |
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| occurs when one seller controls the total supply of a product or service, and sets the price |
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| an economic system based on the premise that some, if not most, basic business should be owned by the government so that profits can be more evenly distributed among the people |
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| the loss of the best and brightest people to other countries |
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| an economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production |
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| exist when the market largely determines what goods and services get produced, who gets them, and how the economy grows |
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| exist when the government largely decides what goods and services will be produced, who gets them, and how the economy will grow |
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| exist when some allocation of resources is made by the market and some by the government |
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| the total value of final goods and services produced in a country in a given year |
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| the number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks |
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| a general rise in the prices of goods and services over time |
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| a situation in which price increases are slowing |
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| a situation when the economy is slowing but prices are going up anyhow |
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| monthly statistics that measures the pace of inflation or deflation |
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| an index that measures prices at the wholesale level |
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| the periodic rises and falls that occur in the economies over time |
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| two or more consecutive quarters of decline in the GDP |
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| a severe recession, usually accompanied by deflation |
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| the federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending |
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| the sum of government deficits over time |
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| Keynesian Economic Theory |
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| the theory that a government policy of increasing spending and cutting taxes could stimulate the economy in a recession |
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| the management of the money supply and interest rates by the federal reserve bank |
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| buying products from another country |
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| selling products to another country |
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| the movement of goods and services among nations without political or economic barriers |
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| comparative advantage theory |
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Definition
| theory that states that a country should sell to other countries those products that it produces most efficiently, and buy from other countries those products that it cannot produce as effectively or efficiently |
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| the advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently that all other countries |
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| the total value of a nation's exports compared to its imports measured over a particular period |
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| a favorable balance of trade; occurs when the value of a country's exports exceeds that of its imports |
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| an unfavorable balance of trade; occurs when the value of a country's imports exceeds that of its exports |
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| the difference between money coming into a country and money leaving the country plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment |
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| selling products in a foreign country at lower prices that those charged in the producing country |
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| a global strategy in which a firm 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; part of the broad category of outsourcing |
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| a partnership in which two or more companions join to undertake a major project |
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| a 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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| the buying of permanent property and businesses in foreign nations |
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| a company owned in a foreign country by another company, called the parent company |
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| multinational corporation |
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| an organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management |
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| investment funds controlled by governments holding large stakes in foreign companies |
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| the 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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| a complex form of bartering in which several countries may be involved, each trading goods for goods or services for services |
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| the use of government regulations to limit the import of goods and services |
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| a limit on the 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 the stopping of all trade with a particular country |
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Term
| General Agreement on Tariffs and Trade |
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Definition
| a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions |
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Definition
| the international organization that replaced the general agreement on tariffs and trade, and was assigned the duty to mediate trade disputes among nations |
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| a regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange; also called a trading bloc |
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| North American Free Trade Agreement |
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Definition
| agreement that created a free-trade area among the United States, Canada, and Mexico |
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