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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 or 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 exist when peoples wants and needs exceed their resources |
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capitalist |
an economy best known for marketing |
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depression |
a period of long recession |
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equilibrium |
when the amount of product supplied equals the amount of product demanded |
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supply |
the amount of goods a producer is willing to make and sell |
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utility |
the added value of a product in economic terms |
