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6 Cards in this Set
- Front
- Back
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free enterprise system-people have the right to make the economy choices |
monopoly-sole control over a product or the means of producing it |
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competition- the struggle between companies for customers |
resources-all things used in producing goods and services |
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inflation- rising prices |
economy-system by which a nation decides how to use its resources to produce and distribute goods and services |
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business risk- potential for loss of failure |
infrastructure-a country's physical development, including the state of its roads, ports, |
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profit-the money left after all expenses of running a business have been deducted |
scarcity-condition that exists when people's wants and needs |
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marketing helps lower the prices of products by increasing the demand for products, reduces the unit cost of each product, and encourages competitors to enter the marketplace. |
labor-people who work in the public and private sectors. |
