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15 Cards in this Set

  • Front
  • Back

Free enterprise System

People have the right to make economic choices

Competiton

The struggle between companies for customers

Inflation

Rising prices

Business risk

Potential for loss of failure

Profit

The money left 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

Systems which by the 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 exist when people's wants and needs exceed their resources

Economy

An organized way a nation provides for the needs and wants of its people

Labor

People who work in the work or private

Utility

The added value of a product in economic term

Equilibrium

Occurs when the amount product supplied equals the amount of product demand

Supply

The amount of goods procedure are willing to make and sell