Basic Economic Concepts

Front 1

Business Risk

Back 1

The possibility that a company will have lower than anticipated profits, or that it will experience a loss rather than a profit

Front 2

Monopoly

Back 2

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

Front 3

Capital

Back 3

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.

Front 4

Competition

Back 4

the act or process of trying to get or win something (such as a prize or a higher level of success) that someone else is also trying to get or win : the act or process of competing

Front 5

Inflation

Back 5

a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services

Front 6

Infrastructure

Back 6

: the basic equipment and structures (such as roads and bridges) that are needed for a country, region, or organization to function properly

Front 7

Profit

Back 7

money that is made in a business, through investing, etc., after all the costs and expenses are paid : a financial gain

Front 8

Resources

Back 8

: 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

Front 9

Labor

Back 9

human activity that provides the goods or services in an economy

: the services performed by workers for wages as distinguished from those rendered by entrepreneurs for profits

Front 10

Entreorenuership

Back 10

Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.

Front 11

Utility

Back 11

a service (such as a supply of electricity or water) that is provided to the public

Front 12

Command Economy

Back 12

an economic system in which activity is controlled by a central authority and the means of production are publicly owned

Front 13

Supply

Back 13

to make (something) available to be used : to provide someone or something with (something that is needed or wanted)

Front 14

Demand

Back 14

: the ability and need or desire to buy goods and services

Front 15

Free Enterprise

Back 15

a system in which private businesses are able to compete with each other with little control by the government

Front 16

Resource

Back 16

: something that a country has and can use to increase its wealth

Front 17

Scarcity

Back 17

: a very small supply : the state of being scarce