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Session 3 Worksheet - BUS 101 Session 3 Worksheet Chapters...

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BUS 101 – Session 3 Worksheet Name Terry Crew Chapters 1, 2, & 3 Enter the correct term for each of the following definitions. 1. The total dollar value of all goods and services produced by all people within a country. Gross Domestic Product 2. An economic system in which individuals own and operate the majority of business. free enterprise 3. A person who risks time, effort, and money to start and operate a business. entrepreneur 4. The recurrence of periods of growth and recession in a nation’s economic activity. business cycle 5. A market (or industry) in which there are few sellers. oligopoly 6. Resources used to produce goods and services. Raw materials 7. A shortfall created when the federal government spends more in a fiscal year than it receives. federal deficit 8. The recognition that business activities have an impact on society and the consideration of that impact in making business decisions. social responsibility 9. The application of moral standards to business situations. business ethics 10.
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