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15 Cards in this Set
- Front
- Back
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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 servies |
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infrastructure |
a country's physical development, including the state of its road, ports, sanitation facilities ,and utilities |
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scarcity |
condition that exists when people's want needs exceed their resource |
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price competition |
sales and debates are examples of the market strategy |
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economy |
an organized way a nation provides the needs and wants of its people |
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labor |
people who work in the public and sectors are part of labor |
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land |
a tree growing in a forest is a factor of production called land |
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utility |
the added value of a product in economic terms is utility |
