Ch 1 & Ch 2

The amount of money gained after selling foods and services and paying expenses associated with operating the business.

• Customers

• Price

• Income

• Profit

The maximum number of specific goods permitted to enter a country during a specific time period.

• Absolute Advantage

• Import Quota

• Business Model

• Absolute Quota

___ are primarily those that require trained or certified skills.

• Business Operations

• Completed Operations

• Professional Activities

• Community Activities

Group of people formed and structured in a certain way to achieve goals

• Organization

• Corporation

• Culture

• Business

When a nation imports more than it exports.

• multinational corporation

• Organization

• Professional Activities

• Trade Surplus

A type of trade restriction that sets a limit on the quantity of particular goods being imported into a country during a given period of time.

• Trade Embargo

• Ethical Dilemma

• Import Quota

• Global Trade

Identifies those businesses that compete for customers in the same industry and the different ways in which they compete to outperform each other.

• Physiological Demands

• Social Value

• Biomechanical Demands

• Competition Environment

Indicates the sales of goods or services.

• Commercial

• Advertorial

• Business

• Advertising

___ is defined as an organization that is engaged in commercial, industrial, or professional activities that produce and/or sell goods and services for the creation of economic and social value

• Commercial

• Organization

• Business

• Customers

People who have an interest in or are affected by a business such as customers, suppliers, employees, and local communities

• Customers

• Profit

• Stakeholders

• Managers