1. ___________ are intangible products (e.g., healthcare, travel).

2. The chance an entrepreneur takes of losing time and money on a business is called __________.

3. The goals of a ___________ do not include making a personal profit for its owners or organizers.

4. ___________ is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

5. ________ in a business may include customers, employees, stockholders and others.

6. What makes rich countries rich today is a combination of ___________ and the effective use of knowledge.

7. The total amount of money a business takes in during a given period is _________.

8. __________ is the amount of money a business earns above and beyond what it spends (such as on payroll).

9. ___________ are tangible products.(e.g., computers, clothing)

10. ____________ refers to the quantity of products that people are willing to buy at different prices at a specific time.

11. The total value of final goods and services produced in a country in a given year is the ________________.

12. _______________ is the federal government effort to keep the economy stable by increasing or decreasing taxes or government spending.

13. The _______________ consists of monthly statistics that measure the pace of inflation or deflation.

14. The Federal Reserves management of the money supply and interest rates is called ___________.

15. ___________ is the economic system that has led to wealth creation in much of the world.

16. ___________ refers to the quantities of products manufacturers or owners are willing to sell at different prices at a specific time.

17. Adam Smith used the phrase, _____________, to describe the process that turns self-directed gain into social and economic benefits for all.

18. ______________ are considered societys accepted standards of moral behavior (right versus wrong).

19. _____________ is the concern businesses have for the welfare of society, not just for their owners.

20. _____________ is the movement of goods and services among nations without political or economic barriers.

For 20 points: We have looked at several companies in class so far. Please name one of these companies and in about 50 words, describe why you feel it is successful and important to the U.S. economy.

For 20 points: In about 50 words, describe why you think its important for businesses and their leaders to be ethical.