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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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Land |
A tree growing in a forest |
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Labor |
People who work in the public and private sectors |
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Supply |
The amount of goods producers are willing to make and sell |
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Equilibrium |
When the amount of product supplied equals the amount of product demanded |
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Depression |
A period of long recession |