Jamila understands that certain industries, like luxury goods retailing, thrive during strong economic periods. That’s why she decided to open a designer boutique in the mid-90s. Her boutique struggled during the Great Recession, but she was able to pivot her operations to focus on lower-cost designer accessories, which allowed her to keep her business afloat. Jamila shows an understanding of how to operate in different ________ environments.

Leandra owns her own dental practice and pays a certain amount of taxes to the local government based on a percentage of the revenues she earns. She found out that some of this tax money was used to improve the sidewalks in a popular pedestrian area of town. This is an example of how businesses increase a society’s _______.

Melodie runs a small day care center in her neighborhood to help serve families who can’t afford the rising cost of childcare. Each month, she must cover the cost of rent, utilities, cleaning supplies, and the salaries for her five employees. To cover these costs, she hosts quarterly donation drives. She also sells T-shirts and other merchandise with designs created by the students to help cover costs. Sometimes she is able to bring in more revenue than she needs, which results in a small profit, which she uses to purchase additional supplies for the daycare center. Melodie is running a ________ business.

One of the contributing factors to the Great Recession was a lack of ______, which is what allowed banks to issue subprime mortgages without maintaining sufficient cash reserves.

During the most recent economic crisis caused by the COVID-19 pandemic, Emma and many other workers in the restaurant industry lost their jobs. This job loss increased the unemployment rate. As the economy recovered, some of those workers, including Emma, were able to get their jobs back, which decreased the unemployment rate. The rise and fall of unemployment is one element in the study of _______.

During the most recent economic crisis caused by the COVID-19 pandemic, Emma and many other workers in the restaurant industry lost their jobs. This job loss increased the unemployment rate. As the economy recovered, some of those workers, including Emma, were able to get their jobs back, which decreased the unemployment rate. The rise and fall of unemployment is one element in the study of _______.

Boun is a farmer in Laos, a landlocked country in Asia that has a single-party government that controls all means of production. This means that even though Laotian farmers like Boun may have a high demand for products like commercial chicken feed, the government will decide which products get made. Laos is an example of a __________ economy.

Germany attracts more investment than it extends into the rest of the world. This means that Germany enjoys a _______.

New Zealand and Australia have developed an agreement to make doing business between the two countries seamless. As part of their agreement, they have eliminated all tariffs and quotas, and most products that can be sold in one country can be legally sold in the other. This is a prime example of the movement towards _______.

Many U.S.-based automobile manufacturers, like Ford, have opened factories in Mexico in order to cut costs. Mexico is able to manufacture cars more cheaply because it has a(n) _______ relative to the United States when it comes to labor.

Drea is the director of marketing for a company that makes mobile phone batteries. She has been asked to evaluate international business opportunities. She initially recommended that her company focus on expanding to countries in the European Union because of their high gross domestic product (GDP), but recently she learned that cell phone penetration is an indication of _______ growth, so she reworked her recommendation to include India and parts of Africa.