EC-907(System Matchup)
United States
What is Market economic system?
Every society must develop a system for deciding how it will use its resources so that it can
What is meet people's needs?
In business terms, what is profit?
What is a monetary reward?
Tornadoes, earthquakes, and blizzards
What is a hazard risk?
Southwest Airlines and United Airlines
What is direct competiton?
North Korea
What is Communist command economic system?
One of the results of freedom in the marketplace is that
What is people can buy anything they can afford that can legally be sold?
If expenses are greater than income, there’s no
What is reward?
Shifting to another person/business
What is a transferring risk?
Back-to-school sales
What is price competiton?
Individuals and businesses own the means of production.
What is Market economic system?
Alex owns a guitar, several books, and a telescope. Alex’s possessions are examples of
What is private property?
In business terms, income is the money
What is received?
Keeping away from
What is avoiding risk?
A coupon offering $1 off the price of a pizza
What is price competition?
Government tells workers where they will work.
What is Communist command economic system?
The basic role of the United States government is to
What is protect U.S. citizens?
The amount of money paid for raw materials and products sold is called
What is cost of goods?
Keeping for oneself
What is retaining risk?
Spotify and Netflix
What is indirect competiton?
Lack of growth and progress.
What is Traditional economic system?
In a private enterprise economic system, consumers can choose from a variety of products as a result of
What is competition?
The money spent to run a business is called
What is operating expense?
Fading away over time
What is Obsolescence?
Advertising the largest assortment of shoes
What is nonprice competition?