| A | B |
|---|
| US | The largest producer of goods and services in the world |
| human resources | People producing goods and services |
| Economic trade-off | when you decide to do one thing over another you have made one of THESE |
| Define the problem | first step in the decision-making process |
| competition | The rivalry among businesses to sell their goods and services |
| entrepreneur | the risk taker who uses resources in a new way to create a new product or service. |
| scarcity | not having enough resources to satisfy every need |
| one year | GDP measures a country’s economic output during THIS time period |
| Prosperity | occurs at the peak of the business cycle |
| prime | the interest rate banks charge their best business customers |
| capital projects | A small business purchasing new pickup trucks is an example of this type of spending |
| unemployment rate | The portion of people in the labor force who are not working but are looking for work |
| recession | a period in the business cycle when demand begins to decrease, businesses lower production, and GDP growth slows for two or more quarters of the calendar year. |
| domestic business | The making, buying, and selling of goods and services within a country is called |
| 180 | The United States conducts trade with more than THIS many countries |
| exports | Goods and services sold to other countries |
| balance of payments | difference between the amount of money that comes into a country and the amount that goes out |
| balance of trade | difference between a country’s total exports and total imports |
| infrastructure | transportation systems, communication systems, & utilities are all a part of THIS |
| tariff | tax that a government places on certain imported products |
| nonrenewable | oil. gas. & coal. are examples of THESE kind of resources |
| ethics | In order to determine THIS ask IF the action legal? Does the action violate professional standards? Who is affected by the action? |
| consideration | something of measurable value that must be exchanged by the parties involved. |
| 20 | A patent gives an inventor of a new product the sole right to make, use, or sell the item for THIS many years |
| © | copyright symbol |
| unfair | a way the United States government gets involved in business activities is by attempting to prevent ________ business practices. |
| monopoly | exists when a business has control of the market for a product or service. |
| Less than 3% | percentage of U.S. workers are employed by businesses that employ more than 100 workers |
| service | major category of business is the fastest growing in the U.S. economy |
| Proprietorships | The are the easiest form of business to start. |
| difficult | The corporation form of business ownership in the United States is the most _________ to form |
| board of directors | The people who make the major policy and financial decisions for a corporation |
| joint venture | A unique business organized by two or more other businesses to operate for a limited time and for a specific project |
| authority | The right to make decisions about how responsibilities should be achieved |
| 38 | women own close to this percentage of small businesses |
| creative | Successful entrepreneurs tend to be energetic, goal-oriented, ___________. |
| personal savings and credit. | Most of the money needed to start a new business comes from THIS |
| 40-50 | Small businesses account for what percentage of the U.S. gross domestic product each year. |
| 1/3 | about THIS many businesses are profitable, about the same do not make a profit but continue to operate, and about the same lose money |
| 99.9 percent | In the United States, what percentage of businesses are considered small businesses |
| description of the business | The element of a business plan discusses the entrepreneur’s short- and long-term goals for the business |
| planning | The management function that involves analyzing information, setting goals, and making decisions about what needs to be done |
| staffing | THIS management function includes all of the activities involved in obtaining and compensating employees |
| supervisors | Employees at the first level of management in a business |
| tactical | when working with part-time or temporary employees, a manager should use THIS type of management |
| mixed management. | The combined use of tactical and strategic management |
| judgment | leadership characteristic involves making decisions carefully |
| dependability | leadership characteristic that means you follow through on commitments |
| blue-collar workers | Examples of these workers are truck drivers, mechanics, seamstresses. |
| outsourcing | Removing work from one company and sending it to another company that can complete it at a lower cost |
| time wage | compensation method pays the employee a specific amount of money for each hour worked |
| benefits | Social Security. Medicare. compensation for overtime. are all REQUIRED _____________ |
| transfer | The assignment of an employee to another job in the company with a similar level of responsibility |
| job sharing | work arrangement offers one job to two people, each of whom works a part-time schedule |
| cafeteria plan | THIS allocates a certain amount of money to each employee that can be spent on benefits; the employee selects the benefits he or she prefers |
| GDP per capita | Dividing GDP by total population |
