Unit 3 Vocabulary

Front

Entrepreneurship

Back

The willingness and innovation needed to risk starting a business.

Front

Sole proprietorship

Back

A business owned and managed by a single individual.

Front

Partnership

Back

A business owned and managed by two or more individuals as co-owners.

Front

Corporation

Back

A business owned by shareholders and managed by directors and executives.

Front

Business cycle

Back

A repetitive pattern of growth and decline in economic activity.

Front

Inflation

Back

A general increase in the price of goods and services.

Front

Gross Domestic Product (GDP)

Back

The market value of all goods and services produced in a country during a specific time period.

Front

Unemployment

Back

Condition in which those seeking jobs are unable to find jobs.

Front

Productivity

Back

A measure of the efficiency of the production of goods and services.

Front

Consumer Price Index (CPI)

Back

A key measure of inflation, reflecting changes in the prices of consumer goods.