goods correct answers tangible
services correct answers intangible
business or firm correct answers entity that tries to make a profit
profit correct answers revenue minus expenses
Entrepreneur correct answers a person who risks time, effort, and money to start and operate a business
...
business or firm correct answers entity that tries to make a profit
profit correct answers revenue minus expenses
Entrepreneur correct answers a person who risks time, effort, and money to start and operate
a business
revenue correct answers total amount of money a business takes in
loss correct answers when expenses are greater than revenue
standard of living correct answers amount of goods and services people can buy with the
money they have
gross domestic product (GDP) correct answers the total value of goods produced and services
provided in a country during one year.
stakeholder correct answers All the people who stand to gain or lose by the policies and
activities of a business and whose concerns the business needs to address
outsourcing correct answers Contracting with other companies (often in other countries) to do
some or all of the functions of a firm, like its production or accounting tasks.
insourcing correct answers Foreign companies opening offices and factories in the United
States.
non-profit organization correct answers goal is not to include making a personal profit for it
owners or organizers
how can gov promote business correct answers - minimize spending and keep taxed and
regulation to a min
- allowing private ownership of business
Productivity correct answers the amount of output you generate given the amount of input
physical capital correct answers physical inputs to the production process - labor - usually
immobile
financial capital correct answers money, very mobile- moving documents
autarky correct answers absence of trade
absolute advantage correct answers who makes more of the products
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