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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 |
the money left over after all expenses are paid |
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monopoly |
sole control over a product |
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resources |
all things used in producing goods |
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economy |
system which a nation decides how to use its resources to produce goods |
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infrastructure |
country's physical development |
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scarcity |
unlimited wants and limited resources |
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land |
anything that comes from the earth |
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labor |
anything done with man power |
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capital |
any type of machines |
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entrepreneurship |
someone that owns and starts there own business |
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3 types |
command, market, mixed market |
