BUS X100 Final Exam
The use of money for labor and capital in exchange for goods and services Circular flow of resources An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices Market Economy A necessary and extremely important by-product of the U.S. "Free Enterprise" system Competition An unfavorable balance of trade Imports are greater than exports An organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies Economic community A limit on the amount of a particular good that may be brought into a country during a given period of time Import Quota A Business that has plants located in several foreign countries Multinational Company The total dollar value of all goods and services produced by all people within the boundaries of a country Gross Domestic Product (GDP) Most popular form of business based on the number of businesses in the U.S. Sole proprietorship The partner who can lose only what he or she has invested in a business Limited partner
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