Chapter 1 and Chapter 2

What is the money that a business earns in sales (revenue), minus expenses, such as the cost of goods, and the cost of salaries?

• loss

• non-profits

• business

• profit

What are people who risk their time, money, and other resources to start and manage a business?

• businessmen

• economists

• microeconomics

• entrepreneurs

What is the time called after WWII, when businesses began to develop brands to help consumers understand the differences among products?

• entrepreneurship era

• marketing era

• relationship era

• industrial revolution

What are inputs that offer value in their natural state?

• budget

• natural resources

• fiscal cliff

• budget deficit

What was the time from the mid 1700s to the mid 1800s when technological advances fueled a period of rapid industrialization in America?

• relationship era

• natural resources

• marketing era

• industrial revolution

What are the measurable characteristics of a population?

• business

• nonprofits

• demographics

• tariffs

What is the international trade agreement that has taken bold steps to lower tariffs and promote free trade worldwide?

• industrial revolution

• general agreement on tariffs and trade (GATT)

• demographics

• relationship era

What is the financial and social system of how resources flow through society?

• macroeconomics

• debt ceiling

• economy

• federal reserve

What is the sum of all the money that the federal government has borrowed and not yet repaid called?

• federal debt

• fiscal cliff

• budget deficit

• federal reserve

What is the study of a country's overall economic dynamics, such as the employment rate?

• macroeconomics

• economy

• microeconomics

• economics