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16 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 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 period of 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 |
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scarcity |
unlimited wants, limited resources |
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recovery |
period of renewed economic growth |
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equilibrium |
amount of product supplied = amount of product demanded |
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surplus |
supply exceeds demand |
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std of living |
measurement of goods and services people have |
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time utility |
to increase product supply when the demand is high because of the time of year |
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possession utility |
when retailers offer their customer installment or layaway plans |
