EC-907
The organized way in which a country handles its economic decisions and solves its economic problems
what is an economic system
market economy
what is a private enterprise often called
whatever money comes into the business
what is income
is the possibility of loss or gain inherent in conducting business
what is business risk
rivalry between two or more businesses to attract scarce, or limited, customer dollars
what is competition
Resources,Markets, Participants, Medium of exchange
what are the elements of all economic systems
Anything of value that people own
what is private property
the monies that a business spends
what are expenses
hazard risks, operational risks, strategic risks, and financial risks
what are the risks that businesses encounter
Competition also occurs between or among businesses that offer dissimilar goods or services
what is indirect competition
Traditional, Command, Market
what are the types of economic systems
a rivalry between two or more businesses to attract scarce customer dollars
what is a competition
the amount of money a business pays for the raw materials from which it produces goods to sell
what is the cost of goods
potential events or situations that can cause injury or harm to people, property, or the environment
what are hazard risks
a type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars
what is price competition
Amazon Rainforest communities
what is an example of a traditional economy
monetary reward business owners receive in return for taking the risk involved in starting a business
what is profit
all of the expenses involved in running a business
what are operating expenses
the possible events and situations that can result from employee actions, core processes, and daily business activities
what are operational risks
occurs between or among businesses that offer similar types of goods or services. In this case, it’s movie and TV show streaming
what is direct competition
Communism, Socialism
what are the two primary types of command economic systems
a private enterprise system that exists in the United States is not a pure private enterprise system because there is a limited amount of government control
what is a mixed system
money left after the cost-of-goods expense is subtracted from the total income
what is the gross profit
events or situations that directly influence a company’s cash flow
what are financial risks
to return part of the purchase price a customer pays for a good or service
what are rebates