EC-907
Unlimited.
What are wants?
Economic system in which questions are answered by individuals and businesses.
True or False, Businesses take risks just like us everyday.
What is true?
The possibility of loss or gain inherent in conducting businesses.
What is business risk?
Competition that occurs among businesses that offer similar types of goods or services.
What is direct competition?
People in all Economic systems are _ on each other.
What is interdependent?
Anything of value that someone owns.
What is private property?
Income-expense.
What is the profit formula?
Potential events or situations that can cause injury or harm to people, property, or the environment.
What is a hazard risk?
A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.
What is price competition?
Economic system where government has control and means of production.
What is Communism?
A rivalry between 2 or more business to attract scarce customer dollars.
What is competition?
Another outside influence.
What is chance?
Possible events or situations that directly influence a company's cash flow.
What are financial risks?
The offer to return parts of the purchase price a customer pays for a good or service.
What are rebates?
A welfare state is also known as..
What is a socialist country?
A private enterprise is often called..
Individuals or businesses to whom a business owes money or from whom it wants to borrow money.
Who are creditors?
The possibility of loss or no loss.
What is pure risk?
Many businesses sell identical products to many buyers.
What is perfect competition?
The organized way in which a country handles its economic decisions and problems.
What is an economic system?
An economic system in which individuals make the most economic decisions but some government control and ownership exist.
What is a Mixed System?
Gross profit-operating expense.
What is the net profit formula?
Name one way businesses can handle risk.
What is avoiding, prevent/controlling, transferring, or retaining. (All answers accepted)
This exists when the market is controlled by one business, and there are no substitute products readily available.
What is a monopoly?