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Definition
| organized way a nation provides for the needs and wants of its people |
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Term
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Definition
| the things used in producing goods and services |
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Term
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Definition
Land
Labor
Capital
Entrepreneurship |
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Term
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Definition
| the physical development of a country (roads, ports, sanitation facilities, and utilities) |
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Term
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Definition
| the skills people use along with investing time and money to run a business |
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Term
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Definition
| unlimited wants for growth and development but limited resources to meet them |
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Term
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Definition
| traditions and rituals that answer basic questions of what, how, and for whom |
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Term
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Definition
| an economic system in which individuals and companies decide what will be produced, no government involvement |
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Term
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Definition
| a system in which a country's government makes economic decisions and decides what, when and how much will be produced and distributed |
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Term
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Definition
Traditional Capitalism
Market Communism
Command Socialism
Mixed |
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Term
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Definition
| output per worker hour measured over defined period of time |
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Term
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Definition
Labor Productivity
Gross Domestic Product
Standard of Living
Unemployment Rate |
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Term
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Definition
Expansion
Recession
Depression
Recovery |
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Term
| Gross Domestic Product (GDP) |
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Definition
| the output of goods and services by labor and property located within a country |
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Term
| Gross National Product (GNP) |
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Definition
| the total dollar value of goods and services produced by a nation |
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Term
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Definition
| rising prices, the dollar loses its value |
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Term
| Consumer Price Index (CPI) |
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Definition
| measuring the change in price of retail goods and services over a period of time |
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Term
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Definition
| measures whoelsale price levels |
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Term
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Definition
| recurring changes in the economy (expansion or contraction) |
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Term
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Definition
| when the economy is flourishing |
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Term
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Definition
| when the economy slows down and lasts at least six months |
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Term
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Definition
| a period of prolonged recession, jobs are hard to find and businesses shut down |
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Term
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Definition
| renewing the economic growth (people are spending, new jobs are created) |
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Term
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Definition
| the exchange of goods and services among nations |
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Term
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Definition
| goods and services purchased from other countries |
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Term
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Definition
| goods and services sold to other countries |
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Term
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Definition
| difference in value between exports and imports of a nation |
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Term
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Definition
| commercial exchange between nations that is conducted without tariffs, import quotas, or other restrictive regualtions |
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Term
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Definition
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Term
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Definition
| an import limited by quantity or monetary value of the product |
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Term
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Definition
| a total ban on specific goods coming into and leaving the country |
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Term
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Definition
| government set economic policies that restrict imports in order to protect domestic industries |
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Term
| World Trade Organization (WTO) |
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Definition
| a coalition of nations that make the rules governing international trade |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| an international trade agreement btwn the US, Mexico and Canada ending tariffs among the three countries |
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Term
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Definition
| letting another company use a trademark, patent, special formula, etc for a fee or royalty |
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Term
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Definition
| hiring a foreign manufacturer to make your products, according to your specifications |
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Term
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Definition
| business enterprise that companies set up together |
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Term
| Foreign Direct Investment (FDI) |
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Definition
| the establishment of a business in a foreign country |
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Term
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Definition
| large corporations that have operations in several countries |
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Term
| mini-nationals and mini- nationals |
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Definition
| mini-nationals are midsize or smaller companties that have oppertions in foregin countires. |
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Term
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Definition
| selling the same product and using the same promotion methods in all countries. |
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Term
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Definition
| a company's use of an existing product/promotion and changing them to suit the characteristics of another country or region |
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Term
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Definition
| creating specifically designed products or promotions for certain countries or regions |
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Term
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Definition
| social, political, and economic philosophy in which the government usually authoritarion controls the factors of production |
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Term
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Definition
| system based on communist ideal of classless society |
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Term
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Definition
| measurement of the amount and equality of goods and services that a nation has |
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Term
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Definition
| increase on the price of imported goods so domestic products can compete with them |
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Term
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Definition
| Europe's trading bloc, established free trade among the member nations |
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Term
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Definition
| encourages individuals to start and operate their own businesses in a competitive system without government involvement |
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Term
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Definition
| government issused exclusive rights for you to own an item or idea |
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Term
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Definition
| a brand name, brand mark, trade name, trade character that is given legal protection by federal government |
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Term
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Definition
| exclusive right to reproduce or sell a work written by an individual |
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Term
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Definition
| a struggle between companies to attract new customers and keep existing ones |
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Term
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Definition
| money left over after expenses have been paid |
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Term
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Definition
| focuses on sale price of product |
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Term
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Definition
| businesses choose to compete on the basis of factors that are not related to price |
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Term
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Definition
| exclusive control over a product or the means of productivity |
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Term
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Definition
| possibility of financial loss |
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Term
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Definition
| amount of product available for purchase |
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Term
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Definition
| consumer interest in the product |
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Term
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Definition
| a business that sells its products only in its country |
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Term
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Definition
| a business that sells its products only in its country |
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Term
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Definition
| sells its products in more than one country |
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Term
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Definition
| seeks to make a profit from its operations |
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Term
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Definition
| uses the money it makes to fund the cause identified in its charter |
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Term
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Definition
| local, state and federal government agencies and services |
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Term
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Definition
| businesses not associated with government agencies |
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Term
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Definition
| group of establishments engaged in producing or handling the same product or group of products |
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Term
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Definition
| demand for consumer goods and services |
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Term
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Definition
| obtain goods from manufacturer and resell to other businesses |
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Term
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Definition
| buys goods from wholesaler or manufacturer and sells to individuals |
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Term
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Definition
| the process of creating, expanding, manufacturing or improving goods and services |
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Term
| 5 Rights of Merchandising |
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Definition
Right Goods
Right Time
Right Place
Right Price
Right Amount |
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Term
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Definition
| process of achieving company goals by use of resources through planning, origanizing and controlling |
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Term
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Definition
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Term
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Definition
| keeping track of a company's financial situation |
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