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15 Cards in this Set

  • Front
  • Back

Free Enterprise System

people have the right to make economic choices

Competition

the struggle between companies for customers

inflation

rising prices

Business Risk

potential for loss or failure

Profit

the money left after all expenses of running a business have been deducted

Monopoly

Sole control over a product or the means of producing it

resources

all things used in producing goods and services

economy

system by which a nation decides how to use its resources to produce and distribute goods and services

infrastructure

a county's physical development, including the state of its roads, ports, sanitation facilities, and services

scarcity

condition that exists when people's wants and needs exceed their resources

land

a tree growing in a forest

depression

a period of long recessiom

equilibirum

occurs when the amount of product supplied equals the amount of product demanded

labor

people who work in the public and private sectors

recovery

period of renewed economic growth