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

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BUS 101 – Session 3 Worksheet Name Terry Crew 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
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This note was uploaded on 02/28/2011 for the course BUS 101 taught by Professor Archer during the Spring '11 term at Ivy Tech Community College.

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

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