Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
Free Enterprise Sysytem |
People have the right to make economic decisions |
|
|
Competition |
The struggle between companies for customers |
|
|
Inflation |
Rising prices |
|
|
Business Risk |
Potential loss or failure |
|
|
Profit |
Money left over after all expenses of running a business have been deducted |
|
|
Monopoly |
Sole control over a product or the means of producing it |
|
|
Resources |
All things used in producing goods and services |
|
|
Economy |
System by which a nation decides how to use its resources to produce and distribute goods and services |
|
|
Infrastructure |
A country's physical development, including the state of its roads, ports, sanitation facilities, and utilities |
|
|
Scarcity |
Condition that exists when people's wants and needs exceed their resources |
|
|
Utility |
Added value of a product in economic terms |
|
|
Equilibrium |
When the amount of product supplied equals the amount of product demanded |
|
|
Supply |
Amount of goods producers are willing to make and sell |
|
|
Capital |
Ex: In a catering business, the food supplies and money used to start the business is capital |
|
|
Price Competition |
Market strategy in which businesses use, i.e. sales and rebates, in order to become the top dog |
