Term
|
Definition
| The organized way a nation provides for the needs and wants of its people. |
|
|
Term
|
Definition
| All the things used in producing goods and services. |
|
|
Term
|
Definition
| Comprise four categories: Land, Labor, Capital, and Entrepreneurship. |
|
|
Term
|
Definition
| The physical development of a country. |
|
|
Term
|
Definition
| The skills of people who are willing to invest their time and money to run a business. |
|
|
Term
|
Definition
| The difference between wants and needs and available resources. |
|
|
Term
|
Definition
| Traditions and rituals answer the basic questions of what, how, and for whom. |
|
|
Term
|
Definition
| There is NO government involvement in economic decisions. |
|
|
Term
|
Definition
| A system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed. |
|
|
Term
|
Definition
| No economy is purely a traditional, market, or command economy. Every economy has influences that make it at least somewhat mixed. |
|
|
Term
|
Definition
| A political and economic philosophy characterized by marketplace competition and private ownership of businesses. |
|
|
Term
|
Definition
| A social, political, and economic philosophy in which the government, usually authoritarian, controls the factors of production. |
|
|
Term
|
Definition
Originally: A system on its way to the communist ideal of a classless society.
Today: Have democratic political institutions.
|
|
|
Term
|
Definition
| Output per worker hour that is measured over a defined period of time, such as a week, month, or year. |
|
|
Term
| Gross Domestic Product (GDP) |
|
Definition
| The output of goods and services produced by labor and property located within a country. |
|
|
Term
| Gross National Product (GNP) |
|
Definition
| The total dollar value of goods and services produced by a nation, including goods and services produced abroad by U.S. citizens and companies. |
|
|
Term
|
Definition
|
|
Term
| Consumer Price Index (CPI) |
|
Definition
| Measures the change in price over a period of time of some 400 specific retail goods and services used by the average urban household. |
|
|
Term
| Producer Price Index (PPI) |
|
Definition
| Measures wholesale price levels in the economy. |
|
|
Term
|
Definition
| Recurring changes in economic activity. |
|
|
Term
|
Definition
| A time when the economy is flourishing, sometimes reffered to as a periodof prosperity. |
|
|
Term
|
Definition
| A period of economic slowdown that lasts for atleast two quarters, or six months, according to financial experts. |
|
|
Term
|
Definition
| A period of prolonged recession. |
|
|
Term
|
Definition
| The term used to signify a period of renewed economic growth following a recession or depression. |
|
|
Term
|
Definition
| The exchange of goods and services among nations. |
|
|
Term
|
Definition
| Goods and services purchased from other countries. |
|
|
Term
|
Definition
| Goods and services sold to other countries. |
|
|
Term
|
Definition
| When a country has natural resources or talents that allow it to produce an item at the lowest cost possible. |
|
|
Term
|
Definition
| The value that a nation gains by selling what it produces most efficiently. |
|
|
Term
|
Definition
A positive balance of trade: When a nation exports ,ore than it imports.
A negative balance of trade: When a nation imports more than it exports. |
|
|
Term
|
Definition
| Commericial exchange between nations that is conducted on free market principles, without restrictive regulations. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Limits either the quantity or the monetary value of a product that may be imported. |
|
|
Term
|
Definition
| A total ban on specific goods coming into and leaving a country. |
|
|
Term
|
Definition
| A government's establishment of economic policies that systemically restrict imports in order to protect domestic industries. |
|
|
Term
| World Trade Organization (WTO) |
|
Definition
| A coalition of nations that makes rules governing international trade. |
|
|
Term
| North American Free Trade Agreement (NAFTA) |
|
Definition
| An international trade agreement among the U.S. canada and mexico. |
|
|
Term
|
Definition
| Letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectua property for a fee or royalty. |
|
|
Term
|
Definition
| Hiring a foreign manufacturer to make your products, according to your specifications. |
|
|
Term
|
Definition
| A business enterprise that companies set up together. |
|
|
Term
| Foreign Direct Investment (FDI) |
|
Definition
| The establishment of a business in a foreign country. |
|
|
Term
|
Definition
| Midsize or smaller companies that have operations in foreign countries. |
|
|
Term
|
Definition
| Selling the same product and using the same promotion methods in all countries. |
|
|
Term
|
Definition
| A company's use of an existing product and/or promotion to which changes are made to better suit the characteristics of a country or region. |
|
|
Term
|
Definition
| Creating specially designed products or promotions for certain countries or regions. |
|
|
Term
|
Definition
| Ecourages individuals to start amd operate their own businesses in a competetive system, without government involvement. |
|
|
Term
|
Definition
| One of the Intellectual property rights. |
|
|
Term
|
Definition
| A word, name, symbol, sound, or color that identifies a good or service and that cannot be used by anyone but the owner. |
|
|
Term
|
Definition
| Involves anything that is authored by an individual, such as writings (books, magazine articles, etc.), music, and artwork. |
|
|
Term
|
Definition
| The struggle for customers. |
|
|
Term
|
Definition
| Focuses on the sale price of a product. |
|
|
Term
|
Definition
| Businesses choose to compete on the basis of factors that are not related to price. |
|
|
Term
|
Definition
| Exclusive control over a product or the means of producing it. |
|
|
Term
|
Definition
| The potential for loss or failure. |
|
|
Term
|
Definition
| The money earned from conducting business after all costs and expenses have been paid. |
|
|
Term
|
Definition
| The amount goods producers are willing to make and sell. |
|
|
Term
|
Definition
| Consumer willingness and ability to buy products. |
|
|
Term
|
Definition
| A business that sells its products only in its own country. |
|
|
Term
|
Definition
| Sells its products in more than one country. |
|
|
Term
|
Definition
| Seeks to make a profit from its operations. |
|
|
Term
|
Definition
| Functions like a business but uses the money it makes to fund the cause identifies in its charter. |
|
|
Term
|
Definition
| Government-financed agencies. |
|
|
Term
|
Definition
| Businesses not associated with government agencies. |
|
|
Term
|
Definition
| Consists of a group of establishments primarily engaged in producing or handling the same product or group of products or in rednering the same services. |
|
|
Term
|
Definition
| Based on or derived from, the demand for consumer goods and services. |
|
|
Term
|
Definition
| Obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers. |
|
|
Term
|
Definition
| Buy goods from wholesalers or directly from manufacturers and resell them to the consumer. |
|
|
Term
|
Definition
| The process of creating, expanding, manufacturing, or improving on goods and services. |
|
|
Term
|
Definition
| The process of achieving company goals by effective use of resources through planning, organizing, and controlling. |
|
|
Term
|
Definition
| The function of business that involves money management. |
|
|
Term
|
Definition
| The discipline that keeps track of a company's financial situation. |
|
|
