Pre-Assessment

________________: an issue in which you must decide whether something is right or wrong.

• transparency

• ethical situation

• rule of law

________________: an inflated sense of self-importance.

• arrogance

• consequence

• dilemma

________________: the result of an action.

• arrogance

• consequence

• dilemma

________________: a business that operates out of a physical facility (instead of online).

• retailer

• brick and mortar

• builders

________________: the quantity of a good or service that buyers are ready to buy at a given price at a particular time.

• curve

• supply

• demand

________________: giving up all or a part of one thing in order to get something else.

• scarcity

• trade-off

• need

________________: an economic system in which all or many of the means of production and distribution are owned and controlled by the government.

• market economy

• command economy

• socialism

________________: an individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts.

• private enterprise/free enterprise

• entrepreneur

• small business

________________: the rivalry between two or more businesses to attract scarce customer dollars.

• competition

• economic risks

• profit motive

________________: the amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells.

• indirect competition

• income

• cost of goods