Term
| What are the six steps in the decision making process? |
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Definition
1. Define the Problem. 2. Identify the alternatives. 3. List all the advantages and disadvantages. 4. Choose among alternatives. 5. Act on your choice. Evaluate your decision. |
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Term
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Definition
| The raw materials supplied by nature that come from the earth, the water, or the air and are used to produce goods. |
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Definition
| The tools, equipment, and buildings that are used to produce goods and services. |
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Term
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Definition
| An economy in which people do things that way they have always been done. |
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Term
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Definition
| An economic system in which the government owns major industries but allows for private ownership of other businesses. |
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Term
| Your role as a citizen in a free enterprise system includes: |
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Definition
voting paying taxes obeying the law |
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Definition
| Businesses that change natural materials into a more finished form for manufacturers to process further. |
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Term
| What are the phases of the business cycle? |
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Definition
Prosperity Recession Depression Recovery |
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Term
What factors are used to measure the economic activity? |
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Definition
Gross Domestic Product Inflation Consumer Price Index Productivity Unemployment |
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Term
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Definition
| The number of items produced per worker. |
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Term
| What agency promotes safety from unreasonable risk of injury from products? |
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Definition
| Consumer Product Safety Commission |
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Term
| The agency responsible for granting approval to a company who wants to market a product for the common cold. |
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Definition
| Food and Drug Administration |
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Term
| When consumers buy less of an item at a higher price than at a lower price |
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Term
| Any place where individuals buy and sell goods and services. |
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Definition
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Term
| Amount of goods or services that producers will provide. |
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Definition
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Term
| Income used to purchase items to meet basic needs. |
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Definition
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Term
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Definition
Target, Sears, Wal-Mart Sells a variety of items at reasonable or low prices. |
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Term
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Definition
| The process of planning, organizing, directing, and controlling |
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Term
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Definition
| The ability to influence individuals or groups to achieve organizational goals. |
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