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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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Competition |
The struggle between companies for customers |
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Inflation |
Rising prices |
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Business Risk |
Potential for loss or 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 |
System by which a 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 exists when people's wants and needs exceed their resources |
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People who work in public or private sectors are part of |
Labor |
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When demand and production for a product increases in the world of marketing ________ usually decreases |
Price |
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Sales and rebates are examples of the market strategy |
Price competition |
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An organized way a nation provides for the needs and wants of it people is through an |
Economy |
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A tree growing in a forest is a factor of production called |
Land |