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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 county's physical development, including the state of its roads, ports, sanitation facilities, and services |
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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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depression |
a period of long recessiom |
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equilibirum |
occurs when the amount of product supplied equals the amount of product demanded |
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labor |
people who work in the public and private sectors |
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recovery |
period of renewed economic growth |