Government spends more than it takes in

Private ownership of resources by individuals rather than by the government

The important principles that will guide decisions and actions in a company

A separate legal entity, formed by documents filed by the state, which is owned by one or more shareholders and managed by a board of directors

Quantity of a good or service that consumers are willing and able to buy

A written description of the business idea and how it will be carried out, including all major business activities

A limit on the quantity of a product that may be imported and exported within a given period of time

Principles of morality or rules of conduct

Goods and services sold to another country

A written contract granting permission to operate a business to sell products or services in a prescribed way

Someone who takes a risk in starting a business to earn a profit

The total value of all goods and services produced in a country in one year

The way people get along with each other

Goods and services brought from another country

An increase in the general price level

A nation's transportation, communication, and utility systems

The protection of the creative work of authors, composers

The effort to inspire and motivate individuals and groups to accomplish important goals

A business that has complete control of the market for a product or service

Value of the alternative not chosen

The way a manager treats and involves employees

A business owned and controlled by two or more people who have entered a written agreement

The exclusive right given to a person to make, use, or sell an invention for a period of 17 years

A business owned or controlled by just one person

A period in which demand, production, and GDP growth decrease and unemployment begin to rise

Quantity of a good or service that businesses are willing and able to provide

A tax that a government places on certain imported products

Government restrictions to free trade

A word, letter, or symbol associated with a specific product or company

The movement of the economy from one condition to another and back again

usually will decrease

expanded production techniques

during a recession

When a company's imports exceeds its exports

is a trade agreement signed by US, Canada, and Mexico in 1993

crude oil

designed to maintain competition

common source of revenue (money coming in) for state and local governments

formed by a group of people to provide a good or service that they all need

born in 1946-1964

money needed to pay the current operating activities of a business

provide personalized service to customers

money provided by large investors to finance new products or businesses that have a good chance to be profitable.

lack of sufficient start up money, failure to manage credit offers to customers, lack of management experience

set the long-term direction and plans of the entire business

should be lawful; should not benefit some while harming others, should not result in the embarrassment for the company

used when the manager is directive and controlling

will it embarrass the firm if the action becomes public knowledge

self-understanding, communication, and team building are important when a manager has these types of skills

owner is usually the manager, serves a small market, is not dominant in its field