EC-907
# ofQuestions based on economics
What is 3?
Manufactured or constructed items
Capitol Goods
Ways an owner can increase chance of higher profit
Increasing profit decreasing expense
To cheat/defraud
Bilk
requiring competition to be essential
private enterprise system
Name of something being made
What is product
Rivalry between 2 or more businesses.
WHat is rivalry?
Consumer, demand, and chance
external Factors
Possibility of loss, failure, or gain
Business risk
Benefits a group of people with low prices
Customers
proces in which products are distributed
what is allocation?
Someone who invents, creates, manages a business of their own making
entrepreneur
2 internal factors within a owners realm
expenses and pricing
Agreement between 2 or more owners of different businesses
Contract
High level of product excellence
Quality
Even if successful, every business contains these.
What are problems?
What is marketplace?
After a profit a certain personal feeling is met
what is satisfaction
Risks that effect a company's cash flow
Financial risk
Keeping production value high, risks low.
Standard of living
Each business has 3 of these, reply leads to success
What is how to answer questions.
People who work for financial benefits
Human Resources
common misconception about business influence
influence is not controllable.
rivalry between 2 or more businesses that attract buyers attention
When competition creates a paradox withing where one stays high the other drops low.
profits and prices