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| The organized way of a nation provides for the needs and wants of it's people. |
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| All the things used in producing goods and services. |
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| Talk about resource, Compromises the four catagories:Land, Labor, Capital, and Entrepeneurship |
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| Includes everything contained in the earth or found in the seas. Such as coal and crude oil, trees and plants, etc... |
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| Refers to all the people who work. Including full- and part-time workers, managers, and proffesionals. |
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| Include money to start and operate a bussiness. |
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| Refers to the skills of people who are willing to invest their time and money to run a business. |
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| A term that originally reffered to a system on it's way to the communist ideal of a classless society. |
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| Traditions and rituals answer the basic questions of what, how, and for whom. |
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| No government involvement in economic decisions. |
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| A system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed. |
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| Is output per worker hour that is measured over a defined period of time. |
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| Gross Domestic Product (GDP) |
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| The output of goods and services produced by labor and property located within a country. |
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| The total dollar value of goods and services produced by a nation. |
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| A period of rising prices. |
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| Measures the change in price over a period of time. |
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| Producer Price Index (PDI) |
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| Measures whole sale price levels in the economy. |
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| Changes in economic activity. Includes the following key phrases: Expansion, Recession, Trough, and Recovery. |
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| A time when the economy is flourishing. |
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| A period of economic slowdown. |
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| A period of prologned recession. |
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| The term to signify a period of renewed economic growth. |
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| The exchange of goods and services among nations. |
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| Goods and Services purchased from other countries. |
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| Goods and services sold to other countries |
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| The difference in value between exports and imports of a nation. |
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| Limits either the quantity or the monetary value of the product that may be imported. |
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| A total ban on specific goods coming into and leaving a country. |
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| A government's establishment of economic policies that systematically restrict imports in order to protect domestic industries. |
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| World Trade Organization (WTO) |
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| A coalition of nations that makes rules governing international trade. |
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| North American Free Trade (NAFTA) |
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Definition
| An international trade agreement among the United States, Canada, and Mexico. |
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| Involves letting another company use a trademark, patent, special formula, conpany name, or some other intellectual property for a fee or royalty. |
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| Involves hiring a foreign manufacturer to make your products. |
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| A business enterprise that companies set up together. |
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| Foreign Direct Investment (FDI) |
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| The establishment of a business in a foreign country. |
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| Large corporations that have operations in several countries. |
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| Midsize or smaller companies that have operations in foreign countries. |
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| Selling the same product and using the same promotion methods in all countries. |
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| A company's use of an existing product and/or promotion to which changes are made to better suit the characteristics or a country or region. |
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| Involves creating specially designed products or promotions for certain countries or region. |
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| Encourages individuals to start and operate their own business in a competitive system, without government involvement. |
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| Having the rights to own the item you invented. |
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| A word, name, symbol, sound, or color that identifies a good or service and that cannot be used by anyone but the owner. |
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| Involves anything that is authorized by an individual, such as writing, music, and artwork. |
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| Focuses on the sale price of a product. |
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| Business choose to compete on the basis of factors that are not related to price. |
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| Exclusive control over a productor the means of producing it. |
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| The potential for loss or failure. |
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| The money earned after all costs and expenses have been paid. |
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| The amount of goods producers are willing to make and sell. |
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| Refers to consumer who is willing and has the ability to buy the product. |
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| A business that sells its products only in its own country. |
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| Sells its products in more than one country. |
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| Seeks to make a profit from its operations. |
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| Businesses associated with the government-financed agencies. |
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| Businesses not associated with government agencies. |
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| Consists of a group of establishments primarily engaged in producing or handling the same product. |
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| The demand for industrial goods. |
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| Obtain goods from manufactures and resell them to industrial users, other wholesalers, and retailers. |
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| Buy goods from wholesalers or directly from manufactures and resell them to consumers. |
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| The process of creating, expanding, manufacturing, or improving on goods and services. |
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| The process of achieving company goals by effective use of resources through planning, organizing, and controlling. |
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| The function of business that involves money managment. |
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| The discipline that keeps track of a company's financial situation. |
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