EC-907
The most common medium exchange in modern economy.
Money
This is the basic goal of the US goverment.
Protection
The money received in a business.
income
Tornadoes, Hurricanes, and natural disasters are examples of this type of risk.
Hazard risk
Occurs when two businesses have similar products, and similar consumer wants.
Competition
When a economy adopts ideas and improvements from past economies it is this.
A basketball, baseball bat, and a pair of shoes are all examples of this.
Private property
The money spent to run a business.
Operating expense
This type of risk has two possibilities, loss or no loss.
Pure risk
When a market is controlled by one business, with no substitute products readily available, shares a name with a popular board game.
Monopoly
Found in all economic systems.
Subsistence
Who answers the basic questions in an enterprise economic system.
Business and people
This is absent if the expenses are greater than the income.
Reward
A risk will be taken in.
Retain
Slogans like “We’ll never be undersold,” or “We’ll meet or beat any competitor’s price.”
Price matching
The government owns some basic means of production, but there is private ownership of business under this.
Socialism
The factor that directly limits economic freedom.
Taxation
This is what is found when a business is shown the difference between what they've spent and received.
Gross profit
A business may stop producing a product, or be very careful in order to do this.
Avoid
An employee works faster and longer to increase this.
Efficiency
This country has been a socialist country for the the longest time.
China
The economic basis for the private enterprise economic system.
The profit motive
Each purchase strengthens the economy by encouraging this.
Trade
Inflation and interest rate fluctuations.
Operational risk
This law prevents unfair business practices, and enforces fair competition.
Clayton Act