Unit 3 - Chapters 5 and 6 Flashcards
The two functions of business are _____ and _____.
production, marketing
_____ is the process used to plan, organize, and control all available resources to reach company goals.
Management
McDonald’s is now the largest and best-known food service retailer in the world, and as such would be considered a(n) _____ business.
global
Charitable institutions, like the YMCA and YWCA are classified as _____ organizations.
nonprofit
Most local, state, and federal agencies and services, like your library, are said to be part of the _____ sector.
public
The industrial market is based on the demand for consumer goods and services, so the demand for industrial goods is called _____ demand.
derived
The federal government agency that oversees pollution of our air, land, streams, lakes, and underground water supplies is the _____ _____ _____.
Environmental Protection Agency (EPA)
_____ are guidelines for good behavior.
Ethics
President _____ established the Consumer Bill of Rights.
John F. Kennedy
_____ is the effort to protect consumers.
Consumerism
Goods coming into a country are called _____, and goods going out of a country are called _____.
imports, exports
Economic _____ occurs because different nations possess unique resources and capabilities.
interdependence
China has a(n) _____ economic advantage in the production of silk.
absolute
The difference between exports and imports of a nation is called its _____ _____ _____.
balance of trade
Three common trade barriers are _____, _____, and _____.
tariffs, quotas, embargoes
The North American Free Trade Agreement is among _____, _____, and _____.
U.S., Canada, Mexico
_____ _____ handle export details for U.S. exporters.
freight forwarders
In Japan and other Asian countries, emphasis is placed on _____ building, prior or to doing business.
relationship
As the number of middle income workers increases in emerging countries, the demand for all types of ordinary _____ goods also increases.
consumer
When a country _____ property, the government takes ownership, and the owners generally get nothing in return.
nationalizes
