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Bus. 121 Test #1

TermDefinition
Book Author Nickels & McHugh
Book Name Understanding Business, 12th edition
Professor's Name Dr. Paul B Hudson
Trade Deficit an unfavorable balance of trade; occurs when the value of a country's imports exceeds that of it's exports
Economics the study of how society chooses to employ resources to produce goods and services and distributes them for consumption among various competing groups and individuals
Capitalism an economic system in which all or most factors of production and distribution and privately owned and operated for profit
Socialism an economic system based on the premise that some, if not all basic businesses should be owned by the government so that profits can be more evenly distributed among people
Recession two or more consecutive quarters of decline in the GDP
Corporate Social Responsibility a business's concern for the welfare of society
Partnership a legal form of business with two or more owners
5 Factors of Production Land Labor Capital Knowledge Entrepreneurship
Profit the amount of money a business earns beyond what it spends on labor costs
Exporting sellling products to another country
Business any activity that seeks to provide goods/services to others while operating at a profit
Entrepreneur a person who risks time and money to start and manage a business
Sole Proprietorship a business owned and usually managed by one person
Ethics standards for moral behavior; behavior accepted by society as right vs wrong
Corporation a legal entity with authority to act and have liability separate from it's owners
Tariff a tax imposed on imported products
Importing buying products from another country
Depression a severe recession usually accompanied by deflation
Created by: 242230546466032
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