Madisyn, 4th, Term Review

4. business owned and run by just one person
5. exists when a business has control of the market for a product or service
8. someone who has purchased a bond and lent money to an organization
9. exclusive right to make, use, or sell that item for 7 years
12. a period in which most people who want to work are working
16. debt the total amount owned by the federal government
17. separate legal entity formed by documents filed with your state
18. principles of morality or rules of conduct
21. a limit on the quantity of a product that can be exported/imported in a given time
22. written contract granting permission to operate a business to sell products and services
23. income salaries and wages as well as investment income and government payments to individuals
26. rate the portion of people in the labor force who are not working
27. business involved in selling the goods and services of producers to consumers
30. economy an economy that combines elements of command and market economies
32. resources water, land, and trees
33. not having enough resources to satisfy every need
36. what kind of economy does the u.s. have?
37. products that businesses keep on hand to do business
38. year how long does the average small business plan take?
39. bank created to provide loans to buildings
40. venture agreement between 2 or more businesses to share a business project
41. an increase in the general level of prices

1. protects the creative work of authors, composers, and artists
2. occurs when the environment is tainted with the byproducts of human actions
3. represents ownership in corporation
6. create the products and services used by individuals
7. saving scarce natural resources
10. the private ownership of economic resources by individuals instead of by the government
11. gives inventor sole right to make, use, or sell the item for 17 years
13. precise statement of results the business experts to achieve
14. a person who buys and uses goods and services
15. resources things available to be used to produce goods and services
17. an agreement to exchange goods or services for something of value, usually money
19. an agreement to exchange goods/services for something of value
20. an invention that is brand new
24. company an organization that does business in several countries
25. what you make when you give up something to get something else
28. stopping the import/export of a product completely
29. what is it called when making a product that is already made better?
31. a phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures
34. an offer must be made, and an acceptance must occur
35. sales sales of durable and non-durable goods brought by consumers