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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 |
potetential 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 things 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 physical development including the states of its roads, ports, sanitation facilities, and utilities |
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scarcity |
condition that exists when peoples wants and needs exceed their resources |
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who is part of labor? |
people who work in the public and private sectors |
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when does equilibrium occur? |
when the amount of product supplied equal the amount of product demanded |
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in a command economy, who decides what products will be produced? |
central economies |
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what is an example of price competition? |
sales and rebates |
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recovery |
period of renewed economic growth |
