The total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

Everything outside an organization’s boundaries that might affect it

Beliefs about what is right and wrong or good and bad in actions that affect others

System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive.

Which type of economic system provides for individual producers and consumers control production and allocation decision through supply and demand?

A ___________________ is one of the simplest, most streamlined forms of small business ownership. It include only one employee—you—they are easy to establish and manage, and provide an uncomplicated business structure for independent contractors and entrepreneurs across numerous industries.

Organization’s statement of how it will achieve its purpose in the environment in which it conducts its business  

Goal derived directly from a firm’s mission statement      

Everything outside an organization’s boundaries that might affect it

A planned economic system in which the government owns and operates only selected major sources of production