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15 Cards in this Set
- Front
- Back
Free enterprise System |
People have the right to make economic choices |
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Competiton |
The struggle between companies for customers |
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Inflation |
Rising prices |
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Business risk |
Potential for loss of failure |
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Profit |
The money left after all expenses of running a business have been deducted |
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Monopoly |
Sole control over a product or the means of producing it |
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Resources |
All things used in producing goods and services |
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Economy |
Systems which by the nation decides how to use its resources to produce and distribute goods and services |
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Infrastructure |
A country's physical development including the state of its roads, ports,sanitation,facilities,and utilities |
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Scarcity |
Condition that exist when people's wants and needs exceed their resources |
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Economy |
An organized way a nation provides for the needs and wants of its people |
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Labor |
People who work in the work or private |
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Utility |
The added value of a product in economic term |
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Equilibrium |
Occurs when the amount product supplied equals the amount of product demand |
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Supply |
The amount of goods procedure are willing to make and sell |