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22 Cards in this Set
- Front
- Back
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Business
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An organization the produces or sells goods or services to generate a profit.
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Why is profit important?
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It encourages people to do business activities.
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Non-for-profit organization
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an organization that uses all the money it has to proved services for the public
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An example for a Non-for-profit organization other than a charity.
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A school or hospital
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Economic System
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the way resources are allocated to the citizens of a country
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Factors of production
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basic resources a country used to produce goods and services
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Name the 4 factors of production
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Labor, Capitol, Entrepreneurs and natural resources
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What is one factor of production that is often included nowadays?
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Information Resources - special knowledge or expertise of people. Market forecasts or economic data.
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What is Labor
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The mental and physical capabilities of people.
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What is Capitol
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funds use to start or operate a business
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What is an entrepreneur
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people that take the risk involved with starting a business
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What are the different types of economic systems?
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Command Economy, Market Economy, and a Mixed-Market Economy.
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Command Economy
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centralized government controls all or most production and allocation decisions.
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Socialism
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Government owns operates selected major industries --> command economy
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Market Economy
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exchanges take place without much government involvement
input --> labor, capitol, entrepreneurs, natural resources, and information resources. output --> goods and services |
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Market
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place where exchange of goods and services between buyers and sellers takes place. Doesn't have to be physical
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Capitalism
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private ownership of the means of production encourages entrepreneurship with incentives of profit --> political basis of a market economy
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Mixed-Market economy
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prices set but consumers but controlled by the government.
Mix between market and command economy. |
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Privatization
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government organizations turn into private organizations
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Nationalization
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Private organizations turn into government organizations
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Deregulation
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laws about business regulation are reduced
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Name all the ways in which governments influence businesses
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As a: Customer,
Regulator, Taxation Agent, Provider of Incentives and Financial Assistance, Provider of Essential Services and Competitor |
