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15 Cards in this Set
- Front
- Back
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Command Economy |
a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned. |
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Entreprenuership |
a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. |
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Competition |
the act of competing; rivalry for supremacy, a prize, etc. |
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Utility |
the capacity of a commodity or a service to satisfy some human want. |
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Supply |
to make (something) available to be used : to provide someone or something with (something that is needed or wanted) |
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Labor |
: physical or mental effort : work for which someone is paid : workers considered as a group |
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Business Risk |
The possibility that a company will have lower than anticipated profits, or that it will experience a loss rather than a profit. |
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Demand |
the ability and need or desire to buy goods and services |
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Monopoly |
complete control of the entire supply of goods or of a service in a certain area or market |
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Capital |
capital goods, real capital, or capital assets are already-produced durable goods or any non-financial asset that is used in production of goods or services. |
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Resource |
: something that a country has and can use to increase its wealth : a supply of something (such as money) that someone has and can use when it is needed : a place or thing that provides something useful |
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Infrastructure |
: the basic equipment and structures (such as roads and bridges) that are needed for a country, region, or organization to function properly |
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Inflation |
: a continual increase in the price of goods and services |
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Profit |
money that is made in a business, through investing, etc., after all the costs and expenses are paid : a financial gain |
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Free Enterprise |
freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect public interest and keep the national economy in balance |
