EC-907
Prices set by the government are what
Every society must develop a system for deciding how it will use its resources so that it can
what is meet peoples needs
In business terms, what is profit?
what is a monetary reward
Tornadoes, earthquakes, and blizzards are what
what is hazard risk
A bowling alley and a sandwich shop is what type of competition
what is indirect competition
Free competition is what
what is the market economic system
Who answers the basic economic questions in a private enterprise economic system?
what are businesses and induviduals
If expenses are greater than income, there’s no risk.
what is no reward
Possibility of loss, no change, or gain is what
what is speculative risk
A spring clearance sale is what type of competition
what is price competition
Welfare states is what
what is socialist 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 being recieved
Shifting to another person/business is what
what is transfer risk
delivery services to customers is what type of competition
what is nonprice competition
Lack of growth and progress is what
what is the 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
Inflation and interest rate fluctuations is what
what is financial risk
Southwest and United airlines are what type of competition
what is direct competition
Government sets production quotas
what is communist command system
The basic role of the United States government is to
what is protect U.S citizens
Gross profit shows business owners the difference between what they’ve
what is spent and recieved
Keeping away from things is what
what is avoiding risk
what is price competition