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15 Cards in this Set
- Front
- Back
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Free enterprise system |
people have the right to make economic choices |
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Competition |
the struggle between companies for customers |
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inflation |
rising prices |
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business risk |
potential loss or failure |
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profit |
the money left over after all expenses are paid |
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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 productions of goods and services |
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economy |
system by which a nation decides how to use its resources to produce and distribute goods |
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infrastructure |
a countries physical development including the state of its roads ports sanitation facilities and utilities |
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scarcity |
condition that exist when peoples wants and needs exceed the resources |
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time utility |
the time of year is assigned to a certain product |
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equilibrium |
amount produced equals the amount demanded |
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recovery |
renewed economic growth |
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consumers biggest fears |
loss of jobs |
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in a market economy |
- businesses decide HOW the products are produced
- consumers decide whether the business will survive or fail |
