Business and Economics Flashcard

Front

Known as world trade

Back

export and import of goods among nations

Front

Used to pay goods and services and is the medium of exchange in trading with other countries.

Back

money

Front

The system of exchange through which goods and services are traded in the community, using the medium of money.

Back

money economy

Front

The system of exchange through which goods and services are traded in exchange for land, clothing for food, and food for services.

Back

barter economy

Front

People with some money to start with, put up small stores that sell food and other needs of the people in the community.

Back

micro entrepreneurs

Front

An organized task of people to produce and sell goods and services is

Back

business

Front

Who takes the risk of organizing and operating a certain kind of business?

Back

entrepreneur

Front

A very small business in which the owner is the principal worker

Back

micro business

Front

Owned and managed by an individual or group and has only enough resources to continue operating. Grocery, bakeshop, and restaurant belong to: large business, medium business, small business, micro business

Back

small business

Front

Business owned and operated by a single person, two business partners or a corporation.

Back

large business