EC-907
Communist command, socialist, market, and traditional are the 4 main types of this
What is economic systems
Another term for market economy
What is private enterprise?
These are things that affect profit
What are factors?
Entrepreneurs take on this when starting a business
What is risk?
Companies that are taking sales away from you are your
What are competitors?
This type of economy is seen in the USA
What is market economy?
This is the main motivator in a private enterprise system
What is profit?
Factors that you can control that impact your profit
What is internal factors?
An example of this type of risk can be a flood
What is hazard?
What is price competition?
This type of economy is seen in North Korea
What is communist command economy?
This term is used to describe other people trying to sell the same products as you
What is competition?
Companies can raise these to generate more profit
What are prices?
Risks having to do directly with money are this type of risk
What is financial risk?
Offering extra services is this type of competition
What is non-price competition?
Sweden is a great example of this type of economy
What is socialist economy?
What is price?
Ethical companies tend to raise these when they see an increase in profit
What are wages?
A strike is an example of this type of risk
What is an operational risk?
This type of competition is attempting to sell the exact same products as you
What is direct competition?
This type of economy is based on traditions and values
What is traditional economy?
You have lots of this term in private enterprises, meaning the ability to make your own choices
What is freedom?
These are a type of external factor, similar to rolling dice
What is chance?
This type of risk can be insured
What is speculative risk?
This type of competition sells different products, but is still competing for the same money from customers
What is indirect competition?