A brain drain is the _____ of the ______ and _______people.
loss; best; brightest
Communism is an ________ and _______ system in which government makes all _________ decisions and owns almost all major factors of production.
economic; political; economic; production
Capitalism is an economy where ______ or _____ factors of _______ are owned by _______.
All; most; production; individuals.
The invisible hand describes a process that turns self-directed _______ into economic ________ for all when a person ________.
gains; benefits; prospers
Under _____ _______ capitalism, people have four basic rights: The right to own ________, the right to own ___ ________ and keeps that business’s profits, the right to ________ of competition and the right to freedom of ______.
free-market; property; a business; freedom; choice
Socialism is an economic system based on the premise that some, if not most, basic business should be ____ by the government so that ____ can be more evenly ______ among the people.
owned; profits; distributed
A business is any ______ that seeks to provide _____ and _______ to others while operating at a _____.
activity; goods; services; profit
Services are ______ products such as education, healthcare, _______, _______, and travel and tourism.
intangible; insurance; recreation
Revenue is the total amount of ________ a business takes in during a given period by _______ goods and services
money; selling
Profit is the amount of money a ________ earns above and beyond what it ________ for salaries and other expenses needed to run the _______.
business; spends; operation
A ______ occurs when a business’s ______ are more than its revenues
loss; expenses
An __________ is a person who risks time and ______ to start and ______ a business
Entrepreneur; money; manage
______ is the chance an entrepreneur takes of losing ________ and money on a business that may not prove to be __________.
Risk; time; profitable
Standard of living refers to the amount of _____ and _______ people can ______ with the money they have
goods; services; buy
________ are all the people who stand to gain or lose by the ________ and _________ of a business and whose _________ the business needs to address.
Stakeholders; policies; activities; concerns
A _______ organization is an organization whose goals do not include making a personal ________ for its owners or organizers
non-profit; profit
The business environment consists of surrounding _______ that either _____ or ______ the development of a business.
factors; help; hinder
The _____ elements of the business environment are: 1. _________ 2. technological 3. competitive 4. social 5. ________
five; economic and legal; global
effectiveness is ______ the desired _______
producing; result
efficiency is ______ goods and services using the _____ amount of _______.
producing; least
________ is the amount of output you generate given the amount of input
productivity
_________ is the statistical study of the human _______ with regard to its size, ________, and other characteristics such as age, race, _______ and income.
Demography; population; density; gender
Economics is the study of how ________ chooses to employ resources to produce _____ and _____ and _________ them for consumption among various competing groups and individuals.
society; goods; services; distribute
Macroeconomics looks at the ______ of a nation’s economy as a ________
operation; whole
