EC-907
The organized way in which a country handles its economic decisions and solves its economic problems.
Manufactured or constructed items that are used to produce goods and provide services
What is capital goods.
Anyone who owns stock in a corporation; also known as a stockholder.
What is a shareholder.
The possibility of loss (failure) or gain (success) inherent in conducting business.
Potential events or situations that can cause injury or harm to people, property, or the environment.
What is hazard risks.
The arrangements for the buying and selling of goods and services.
What is market.
The rivalry between two or more businesses to attract scarce customer dollars
What is competition.
Possible events and situations that can affect the execution of an organization’s long-term plans.
A form of business ownership that is owned by stockholders who have purchased units or shares of the company.
What is a corporation.
A contractual agreement in which one company (insurer) will pay for specified losses incurred by the other company (insured) in return for installment payments.
A level of existence that barely supports life.
What is Subsistence.
The human and natural resources and capital goods used to produce goods and services
What is economic resources.
A guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them.
What is surety bond.
The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
What is demand.
The use of money to generate a profit or gain.
What is investment.
This system gets its name because a small group of people is in command of all the others.
What is command economic system.
People who work to produce goods or services
What is human resources.
A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected.
What is a warranty.
The physical and social characteristics of the population.
What is demographics.
A contract to use property that belongs to someone else for a specific period of time and for a specific amount of money.
What is a lease.
Something of value that can be used to obtain goods and services.
What is medium of exchange.
Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
What is profit.
Chances of loss that carry with them the possibility of loss or no loss.
Financial risks that a business cannot control, such as inflation and interest rate fluctuations.
What is external risks.
A contractual agreement that provides compensation for losses that a person or business is responsible for.
What is liability risk.