To be successful, a business must,

To be organized, a business must combine four kinds of resources. The raw materials, buildings, and machinery that a business utilizes are examples of,

In a business, the people who provide labor in return for wages are classified as this type of resource.

The ability to pay employees and purchase the materials needed to operate a business is an example of,

In business, this resource is the ability to effectively organize and manage the other three resources a business needs to utilize if it wishes to be successful.

Often, businesses are categorized by their specific type/purpose. Businesses such as haircutters/salons, legal advice, and tax preparation offices are classified as,

The organized effort of individuals to produce and sell for a profit, the goods and services that satisfy society’s needs through the facilities available on the internet is known as,

In business, the primary objective of every firm and/or business is to,

In a successful business model, a business receives money (sales revenue) from its customers in exchange for goods or services. When the firm’s sales revenues are greater than its expenses it has,

A negative profit is a business term meaning the company has,

In business, the different people – and/or groups of people – who are affected by the organization’s policies, decisions, and activities are known as,

To satisfy society’s needs – and make a profit – a business must operate within the parameters of a nation’s economic system. However, in recent years, the firm/business also needs to be concerned with,

Economics is defined as,

In economics, the decisions made by individuals and businesses is referred to as,

In economics, the study of the national economy as well as the global economy is referred to as,

The factor of production which focuses on the activity that organizes the land and natural resources such as water, forests, crude oil, and mineral deposits is,

The factor of production which focuses on the time and effort used to produce goods and services is,

The factor of production which focuses on the money, facilities, equipment, and machines used in the operation of an organization is,

The factor of production which focuses on the activity that organizes the production process is,

This economic system is defined as one that exhibits elements from both capitalism and socialism and in this system the four basic economic questions are answered through the interaction of households, businesses, and governments.

In this economic system the government decides and/or determines the answers to the four overarching economic questions all economies strive to answer as well as controls the major factors of production.

The economic system known as capitalism originates from the book the Wealth of Nations, written in 1776 by Scottish theorist and economist,

In the book, Wealth of Nations the author argues a society’s and/or community’s interest(s) are best served when the individuals within that community are allowed to pursue their own self-interest. This concept is known as,

According to the “father of capitalism,” the creation of wealth is the concern of,

According to the “father of capitalism,” for a capitalist system to be successful an individual must,

According to the “father of capitalism,” the role of government should be limited to,

One factor that was extremely important to the originator of the capitalist system was the role of government as it was argued the government should,

Today, there are primarily two types of command economic systems – communism and socialism. Traditionally, in socialism,

The French term laissez-faire means and/or implies,

The “father of communism” is said to be,

In the original/pure teachings of communism, the originator of this doctrine advocated for a,

The Gross Domestic Product (GDP) is the,

This is an economic measure used to evaluate the health of an economy. It measures the percentage of a nation’s labor force that is unemployed at any time.

This is an economic measure used to evaluate the health of an economy. It measures the changes in prices of a fixed basket of goods purchased by a consumer in an urban area.

This is an economic measure used to evaluate the health of an economy. It measures prices that producers receive for their finished goods.

The natural fluctuations which exist in the economies of all industrialized nations as they seek economic growth, full employment, and price stability are referred to as the,

This is the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product.

This is the market situation in which there are many buyers along with a relatively large number of sellers.

This is market (or industry) situation in which there are few sellers in a market.

This is the market (or industry) situation with one seller, and there are barriers to keep other firms for entering the industry and/or marketplace.

He was the English mechanic who opened a textile mill in Rhode Island in 1793 and, through his own ingenuity and entrepreneurship, helped spur the rise of America’s use of the factory system in the manufacturing process.

He brought the work to the worker with the invention of the assembly line.

This is a basic component of the capitalist system.

In the business environment, technology has changed,

A “general rise in the level of prices.”

A “general decrease in the level of prices.”

The quantity of the product that producers are willing to sell at a price.

The quantity that buyers are willing to purchase at a price.

The term given to the total of all federal deficits.

The loose, subjective measure of how well-off an individual or society is doing/existing.

The separation of the manufacturing process into distinct tasks and those tasks are given to different people.

The ability to maintain or improve standards of living without damaging or depleting natural resources for present and future generations.