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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 for loss or failure |
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profit |
the money left after all expenses of running a 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 thins used in producing goods and services |
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economy |
system by which a nation decides how to use its resources to produce and distribute goods and services |
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infrastructure |
a country's physical development, including the state of its roads, ports, sanitation facilities, and utilities |
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scarcity |
conditions that exists when people's wants and need exeed their resources |
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according to the laws of supply and demand business |
lower a product's price when the supply of the product exceeds the demand of it |
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equillibruim |
occurs when the amount of product supplied equals the amount of product demanded |
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central committee |
decides what products will be produced |
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standard of living |
measurement of the amount of goods and services people have |
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period of renewed economic growth |
recovery |
