EC-907
Natural resources, human resources, and capital resources.
What are economic resources?
A system must be made for deciding how it will use its resources so that it can ___.
What is meet the people's needs?
The monetary reward a business owner receives for taking the risk involved in investing in a business.
What is profit?
Tornadoes, earthquakes, floods, blizzards, hurricanes, wildfires, and other natural phenomena are considered ___.
What are natural risks?
The rivalry between two or more businesses.
What is competition?
Producers, consumers, and government.
What are participants?
Bethany owns a car and phone. These are examples of what?
What is private property?
The desire to earn a profit.
What is the profit motive?
The possible events and situations that can result from employee actions, core processes, and daily business activities.
What are operational risks?
Competition between businesses that offer similar types of goods or services.
What is direct competition?
Something of value that can be used to obtain goods and services.
What is a medium of exchange?
Based on the idea that everyone is better served when individuals are free to set their own goals.
What is private enterprise?
All of the expenses involved in running a business.
What are the operating expenses?
Keeping a risk.
What is retaining?
A type of rivalry between or among businesses that focuses on the use of price.
What is price competition?
This economic system is based on traditions passed down through the generations.
What is a traditional economic system?
___ and ___ decide what is made and sold in a private enterprise system.
What are businesses and individuals?
The amount of money a business pays for the raw materials from which it produces goods to sell.
What is the cost of goods?
Often concerns the overall business environment, economic or political issues, or the company’s objectives.
What are strategic risks?
A lot of businesses are selling similar products that have only a few differences.
What is monopolistic competition?
In this economic system the government owns some basic means of production, but there is private ownership of business as well.
What is Socialism?
The basic role of the U.S. government.
What is protecting U.S. citizens?
Money left after the cost-of-goods expense is subtracted from the total income.
What is gross profit?
Bring the possibility of loss, no change, or gain.
What are speculative risks?
Only a few businesses sell all of the products.
What is an oligopoly?