Unit 3 Vocabulary & Business Organizations Quiz

1. The willingness and innovation needed to risk starting a business

• entrepreneurship
• sole proprietorship
• corporation
• business cycle
• inflation

2. A business owned and managed by a single individual

• sole proprietorship
• corporation
• business cycle
• inflation
• productivity

3. A business owned and managed by two or more individuals as co-owners

• partnership
• sole proprietorship
• corporation
• business cycle
• inflation

4. A business owned by shareholders and managed by directors and executives

• corporation
• sole proprietorship
• business cycle
• inflation
• productivity

5. A repetitive pattern of growth and decline in economic activity

• business cycle
• sole proprietorship
• corporation
• inflation
• productivity

6. A general increase in the price of goods and services

• inflation
• sole proprietorship
• corporation
• business cycle
• productivity

7. The market value of all goods and services produced in a country during a specific time period

• Gross Domestic Product (GDP)
• sole proprietorship
• corporation
• business cycle
• inflation

8. Condition in which those seeking jobs are unable to find jobs

• unemployment
• sole proprietorship
• corporation
• business cycle
• inflation

9. A measure of the efficiency of the production of goods and services

• productivity
• sole proprietorship
• corporation
• business cycle
• inflation

An improvement of an existing technological product, system, or method of doing something

• stocks and bonds

• expansionary period

• ordinances

• economic indicators

• innovation