EC-907
Traditional, Command, and Markey are all types of this
What is an economic system?
Economic freedom is also limited by the laws that have been created to protect _______.
What are people?
Monetary reward for taking a risk and investing in a business.
What is profit?
The possibility of loss (failure) or gain (success).
What is business risk?
The rivalry between two or more businesses to attract scarce, or limited, customer dollars?
What is competition?
The government owns and operates many or all of the means of production and distribution.
What is a command economy?
Questions are answered by individuals and businesses, not by the government in this economic system.
What is a private enterprise?
Money left after cost of goods is subtracted from income.
What is gross profit?
These risks have two possibilities, loss or no loss.
What are pure risks?
Occurs between or among businesses that offer similar types of goods or services.
What is direct competition?
The organized way in which a country handles its economic decisions and solves its economic problems
What is an Economic System?
Private enterprise is often called a ________.
What is a market economy/market system?
Money left after cost of goods and operating expenses are subtracted from income.
What is net profit?
Hazard, Operational, Strategic, and Financial are all classifications of this.
What are classifications of business risk?
Occurs between or among businesses that offer dissimilar goods or services.
What is indirect competition?
Socialist countries are often called this.
What are Welfare States?
People in a ______ ________ system cannot buy anything and everything that they might like to buy.
What is a private enterprise?
Decreasing expenses and increasing sales are both ________.
What are ways to increase profit?
These risks have the possibility of loss, no change, or gain.
What are speculative risks?
Using prices to attract scarce customer dollars.
What is price competition?
Individuals and businesses own the means of production and distribution in this economy.
What is a market economy.
Anything of value that people own.
What is private property?
Raw materials purchased to produce products and finished products purchased for resale are the cost of _____.
What are goods?
Avoiding, Preventing/Controlling, Transferring, and Retaining are all ways to do this.
What are ways to handle risk?
Competing on a basis other than price to attract scarce customer dollars.
What is non price competition?