Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

__________ is the amount a business earns after deducting what it spends for salaries and other expenses. 

Starting a business always involves ________. 

Since all businesses make a profit, starting a business is not risky. 

The global environment, 

The Internet and the emergence of an information-based economy are important parts of the ___________ environment in which businesses operate. 

Macroeconomics is the economic perspective that looks at the operation of a nation's economy as a whole. 

According to Adam Smith, the "invisible hand" refers to the government's effort to always keep a check on the wealth creation of individuals, so that no one business would control a market for a particular good or service. 

Which of the following is a basic right under capitalism? 

A major benefit of socialism is the: 

The economic and political system in which the government owns almost all the major factors of production is called: 

Under capitalism: 

An example of a U.S. import would be the purchase of oil by U.S. companies from Saudi Arabia. 

____________ is the selling of products to another country. 

_____________ is buying products from another country. 

Country A is extremely efficient in the mining of tin. However, its climate and terrain makes it difficult to produce corn. According to the theory of comparative advantage, Country A should:

According to the theory of comparative advantage, a country should buy from other countries those goods it produces most efficiently. 

The president of Auto Parts of America Corporation recently testified before Congress, urging them to limit the flow of imported automobile parts into the United States. He contended that these imports were priced lower than foreign producers were charging for them in their own countries. He believes foreign producers are:

Compliance-based ethics codes: 

Effective corporate values start with employees and develop throughout the organization to include top management. 

The first step when facing an ethical dilemma is to ask: 

Corporate social responsibility describes the firm's: 

Ethical behavior requires more than following the law. 

Making businesspeople more accountable for company actions may help restore trust in the free-market system and leaders in general. 

A(n) _______ -based ethics code defines corporate values; creates a supportive environment, and, stresses shared accountability among employees.