Entrepreneurship Review: Unit 4, Economics

The study of production, distribution, and consumption of products and services

• Economics

• Macroeconomics

• Entrepreneurship

• Human Services

The value of each given alternative

• Opportunity cost

• Risk

• Profit

• Speculative Risk

Goods or services brought in from another country to be sold

• Quotas

• Exports

• Currency Exchange

• Imports

Goods or services produced from one country and sent to another

• Import

• Quota

• Export

• Currency Exchange

The quantity of how much entrepreneurs are willing to produce a good or service

• Equilibrium

• Supply

• Demand

• Production

The consumer’s need or want for a good or service

• Supply

• Demand

• Ethics

• Bait

The total market value of all finished goods and services produced in a country in a given year or another period

• CPI

• Retail Sales

• Industrial Production

• GDP

Measures change in retail prices

• Industrial Price

• CPI

• GDP

• Microeconomics

The maximum amount of a product or service can be imported into a country

• Tariff

• Supply

• Capacity

• Quota

Allows free trade between the U.S., Mexico, and Canada

• NAFTA

• EU

• WTO

• International Trade Administration