EC-907
Natural resources, human resources, and capital goods
What are economic resources?
They are the ones who answer the economic questions in a private enterprise economic system
What businesses and individuals?
In business terms, income is the money that is...
What is received?
The possibility of loss or gain associated with conducting a business
What is business risk?
A rivalry between two or more businesses to attract customer dollars.
What is competition?
Individuals and businesses own the means of production and distribution.
What is a market economy?
The economic basis for the private enterprise economic system
What is the profit motive?
Money left after the cost-of-goods expense is subtracted from total income.
What is gross profit?
Possible events and situations that can result from employee actions
What are operational risks?
Competition that every seller experiences?
What is indirect competition?
They are cast through consumers purchases
What are economic votes?
A price-directed system
What is a private enterprise economic system?
When employees work faster or better.
What is increasing their efficiency?
Tornadoes, floods, blizzards, and hurricanes.
What are natural risks?
When there are only a few businesses that sell all the products.
What is an oligopoly?
In a traditional economic system, producing what is needed to carry on their daily lives answers
What is what will be produced?
The basic role of the United States government
What is to protect U.S. citizens?
Accomplishing a task with a minimum expenditure of time and effort.
What is efficiency?
Financial risks that are controlled by the business.
What are internal financial risks?
When manufacturers offer to return parts of the purchase prices a costumer pays for a good or service.
What are rebates?
Economic systems around the world
Societies must develop a system to use resources to fufil this purpose
What is to meet people's needs?
An external situation in which people are out of work and can't afford any "extra" purchases.
What is a bad economy?
A risk that has only two possibilities- loss or no loss
What is pure risks?
When businesses try to meet their competitors' prices.
What is price matching?