Fill in the blank: Standards that govern behavior; not dependent on circumstance are called _____________.

Fill in the blank: An issue in which you must decide whether something is right or wrong is called an _____________.

Fill in the blank: Adhering to an established set of personal ethics and sound moral principles; acting with honesty in all situations is called ___________.

Fill in the blank: Reliable; deserving the confidence of others is called being ___________.

Fill in the blank: The condition of having to answer for or be liable for your actions; accepting responsibility for your decisions is called _____________.

Fill in the blank: The quality of being just as one seems; being open and truthful when communicating is called _____________.

Fill in the blank: The ability to make judgments without favoritism or self-interest; engaging in fair competition and creating equal relationships is called _____________.

Fill in the blank: Regard or esteem; honoring the rights, freedoms, views, and property of others is called _____________.

Fill in the blank: Complying with laws and regulations is called following the _____________.

Fill in the blank: The long-term value of your choices is called _____________.

Fill in the blank: An inflated sense of self-importance is called _____________.

Fill in the blank: The result of an action is called a _____________.

Fill in the blank: A difficult situation in which you are required to make a decision is called a _____________.

Fill in the blank: An issue in which you must decide whether something is right or wrong; sometimes referred to as an ethical situation is called an _____________.

Fill in the blank: Instinct; gut feeling is called _____________.

Fill in the blank: A person whose behavior is imitated by others is called a _____________.

A business that operates out of a physical facility (instead of online). Fill in the blank: __________

A type of producer that constructs roads, bridges, buildings, houses, etc. Fill in the blank: __________

People who use goods and services to satisfy their wants. Fill in the blank: __________

Retailers who operate solely online. Fill in the blank: __________

A type of producer that changes the shapes or forms of materials so that they will be useful to consumers. Fill in the blank: __________

The people who make or provide goods and services. Fill in the blank: __________

A type of producer that provides goods in their natural state. Fill in the blank: __________

A business that buys consumer goods or services and sells them to the ultimate consumer. Fill in the blank: __________

A type of business that performs intangible activities that satisfy the needs and wants of consumers or industrial users. Fill in the blank: __________

The duty of business to contribute to the well-being of society. Fill in the blank: __________

Businesses that buy and sell goods to others; retailers and wholesalers. Fill in the blank: __________

Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers. Fill in the blank: __________

Manufactured or constructed items that are used in the production of goods and services. Fill in the blank: __________

Products produced for personal consumption. Fill in the blank: __________

The process or activity of using goods and services; the economic process or activity of using goods and services. Fill in the blank: __________

The quantity of a good or service that buyers are ready to buy at a given price at a particular time. Fill in the blank: __________

The economic process or activity by which income is divided among resource owners and producers. Fill in the blank: __________

Physical objects that are useful, scarce, and transferable and which satisfy economic wants. Fill in the blank: __________

The human and natural resources and capital goods used to produce goods and services. Fill in the blank: __________

Productive acts that are useful, scarce, and transferable and which satisfy economic wants. Fill in the blank: __________

A desire for something that can only be satisfied by spending money. Fill in the blank: __________

The study of how to meet unlimited, competing wants with limited resources. Fill in the blank: __________

A form of demand for products in which changes in price correspond to changes in demand. Fill in the blank: __________

An indication of how changes in price will affect changes in the amounts demanded and supplied. Fill in the blank: __________

The point at which the quantity supplied is equal to the quantity demanded is called _________.

The situation that exists when demand is greater than supply is known as _________.

The situation that exists when supply is greater than demand is called _________.

The economic process of trading one good/service for another is called _________.

Productive resources; human and natural resources and capital goods are known as _________.

People who work to produce goods and services are called _________.

Products purchased by producers for resale, to make other goods and services, and/or to use in business operations are called _________.

A form of demand in which changes in price do not affect demand is called _________.

Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service is called _________.

Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price is called _________.

Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low is called _________.

Items found in nature that are used to produce goods and services are called _________.

Something required or essential that is lacking is called a _________.

Desires for things that can be obtained without spending money are called _________.

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another is called _________

The amount of money paid for a good, service, or resource is called _________.

The economic process or activity of producing goods and services is called _________.

A condition resulting from the gap between limited resources and unlimited wants for goods and services is called _________.

The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period is called _________.

Giving up all or a part of one thing in order to get something else is called a _________.

A desire for something that is not required is called a _________.

An economic system in which all or many of the means of production and distribution are owned and controlled by the government. Fill in the blank: __________

A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution. Fill in the blank: __________

The organized way in which a country handles its economic decisions and solves its economic problems. Fill in the blank: __________

An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace. Fill in the blank: __________

A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well. Fill in the blank: __________

An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition. Fill in the blank: __________

An individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts. Fill in the blank: __________

An economic system in which individuals and groups, rather than the government, own or control the means of production–the human and natural resources and capital goods used to produce goods and services. Fill in the blank: __________

A business that employs 500 or fewer people. Fill in the blank: __________

A risk-response strategy that involves choosing not to do something that is considered risky is called _________.

The possibility of loss (failure) or gain (success) inherent in conducting business is known as _________.

The rivalry between two or more businesses to attract scarce customer dollars is called _________.

The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell is called _________.

Rivalry between or among businesses that offer similar types of goods or services is called _________.

The possibility of loss or failure that occurs as a result of the economy is known as _________.

The money that a business spends is called _________.

Money left after the cost-of-goods expense is subtracted from total income is called _________.

The possibility of loss or failure from human error is called _________.

The money received by resource owners and by producers for supplying goods and services to customers is called _________.

Rivalry between or among businesses that offer dissimilar goods or services is called _________

The type of market, or environment, in which businesses operate is called _________

A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available is called _________.

The possibility of loss or failure from nature is called _________.

Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income is called _________.

A type of rivalry between or among businesses that involves factors other than price is called _________.

A market structure in which there are relatively few sellers, and industry leaders usually determine prices is called _________?

All of the expenses involved in running a business are called _________.

A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers is called _________.

A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars is called _________?

Monetary reward a business owner receives for taking the risk involved in investing in a business is called _________.

The desire to make a profit, which moves people to invest in business, is called _________.

Chances of loss that carry with them the possibility of loss or no loss are called _________

A risk-response strategy that involves trying to reduce the chance of loss or severity of loss is called _________.

Monopolies that the government allows to exist legally under controlled conditions are called _________

A risk-response strategy that involves assuming responsibility for the risk rather than transferring it is called _________.

Chances of loss that may result in loss, no change, or gain are called _________

Transfer: A risk-response strategy that involves moving the impact of a risk to someone or _________

Accounting: keeping accurate and useful financial records; and analyzing and interpreting the ________ information.