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15 Cards in this Set
- Front
- Back
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Free Enterprise System
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People have the right to make economic issues |
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Competition |
Struggle between companies for customers |
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Inflation |
Rising Prices |
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Business Risk |
Potential for loss or failure |
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Profit |
Money left after all expenses of running business have been deducted. |
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Monopoly |
Sole control over a product or the means of producing it |
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Resources |
All things used in producing goods and services |
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Economy |
System by which nation decides how to use its resources to produce and distribute goods and services |
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Infrastructure |
a country's physical development |
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Scarcity |
Condition that exists when people's wants and needs exceed their resources |
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People who work in the public and private sectors are part of |
Labor |
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Ya-Hui Chan operates a catering business |
Capital |
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A tree growing in a forest is a factor of production called |
land |
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Period of renewed economic growth |
Recovery |
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When supply exceeds demand you a |
surplus of goods |
