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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 |
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 |
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 |
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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Marketing helps lover the prices of products by_______________ for products |
increasing the demand
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Price Competition |
Sales and rebates are examples of the market strategy |
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Infrastructure |
Country's sewers, highways, and phone lines |
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Utility |
Added value of a product in economic terms |
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Economic Choices |
Resources scarcity forces nations to make these |
