EC-907
Prices set by the government
What is communist command economic system?
The economic basis for the private enterprise economic system
What is profit motive?
profit
What is a monetary reward?
Examples of hazard risk
What is Tornadoes, earthquakes, and blizzards
The type of competition - A bowling alley and a sandwich shop
What is indirect competition?
Market in which Consumers make economic decisions.
What is market economic system?
Alex owns a guitar, several books, and a telescope. Alex’s possessions are examples of
What is private property?
The amount of money paid for raw materials and products sold
What is the cost of goods?
The type of risk this is - Possibility of loss, no change, or gain
What is speculative risk?
The type of competition - A spring clearance sale
What is price competition?
Welfare states system
What is Socialist command economic system?
basic role of the United States government
What is to protect U.S. citizens?
The money spent to run a business
What is operating expense?
The type of risk - Shifting to another person/business
What is transferring risk?
The type of competition - Southwest Airlines and United Airlines
What is direct competition?
United States system
what is market economic system?
Who answers the basic economic questions in a private enterprise economic system
What is Businesses and individuals?
When employees are working faster or better
What is efficiency?
the type of risk - Keeping away from
What is avoiding risk?
The type of competition - Technical assistance to customers who purchase computers
What is non price competition?
System based on habits, customs, and beliefs
What is traditional economic system?
describe the way that the U.S. economic system functions
What is individuals and businesses are the primary decision makers, while the government is the regulator?
For each new product it offers, a business seek
What is buyers?
The type of risk - Human errors
What is operational risk
The type of competition - McDonald’s and AMC Theaters
What is indirect competition?