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14 Cards in this Set

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  • Back
Scarcity
Insufficiency of amount or supply; shortage
Technology
The scientific method and material used to achieve a commercial or industrial objective.
Entrepreneur
A person who organizes, operates, and assumes the risk for a business venture.
Barter
To trade goods or services without the exchange of money.
Boycott
To abstain from or act together in abstaining from using, buying, or dealing with as an expression of protest or disfavor or as a means of coercion.
Free Enterprise
The freedom of private businesses to operate competitively for profit with minimal government regulation.
Competition
Rivalry between two or more businesses striving for the same customer or market.
Capital
A town or city that is the official seat of government in a political entity, such as a state or nation.
Natural Resources
A material source of wealth, such as timber, fresh water, or a mineral deposit, that occurs in a natural state and has economic value.
Inflation
A persistent increase in the level of consumer prices or a persistent decline in the purchasing power of money, caused by an increase in available currency and credit beyond the proportion of available goods and services.
Six Types of Government
Monarchy
Democracy
Republic
Dictatorship
Anarchy
Oligarchy
Branches of Government
Legislative
Executive
Judicial
Ideology
The body of ideas reflecting the social needs and aspirations of an individual, group, class, or culture.
Bureaucracy
Administration of a government chiefly through bureaus or departments staffed with nonelected officials