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28 Cards in this Set
- Front
- Back
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rivalry among businesses to gain new customers
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competition
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economic system in which individuals own all factors of production
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*capitalism
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goods owned by individuals and groups and not by governments
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*private property
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system combining features of market economy and command economy
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*mixed economic system
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*one difference between a command economy and a market economy has to do with ______ of the factors of production
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ownership
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in a ______ economy, economic decisions are dictated by activity in the marketplace
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pure market
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freedom of choice and competition encourage the development of ______
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entrepreneurship
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*customs are often the basis for production decisions in a ______ economic system
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traditional
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*in a command economic system, _______ decides how the four basic economic questions are answered
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government
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one aim of a market economy is to ensure the ______ of all the citizens
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security
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*in a _______, individuals are free to own and control the factors of production
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free enterprise system
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contract selling right to use a business's name and sell its products
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*franchise
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owned and operated by two or more people
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*partnership
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owned by one person
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*sole proprietorship
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corporations are owned by ____ who elect the board of directors
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shareholders
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*the oldest and most common form of business is the ______
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sole proprietorship
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to develop a town house complex, two or more businesses may form a ______ until the units are built and sold
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joint venture
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owners of _____ stock have voting rights at annual corporate meetings
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common
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partners have unlimited ______ for the debts incurred by either companies
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liability
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created by a single seller who controls supply and manipulates price
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pure monopoly
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industry dominated by a few suppliers who manipulate prices
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*oligopoly
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created by legal barriers to entry
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government monopoly
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created by one firm buying other firms in unrelated industries
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conglomerate
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right to exclusively manufacture an invention for a number of years
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patent
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many sellers of a particular item so that each has a small part of the total
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perfect competition
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*_____ competition exists when anyone or any group buys or sells a good or service in large enough amounts to affect price
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monopolistic
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a _____, such as OPEC, seeks to control international prices and the distribution of goods that the companies sell
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cartel
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*another term for monopoly is _____
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trust
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