EC-907
Which of the following items is found in all economic systems:
Participants
How does the private enterprise system
help people and companies in your area?
creating jobs, fostering innovation, driving economic growth, and offering economic freedoms like the right to own property and start a business.
In business terms, what is profit?
A monetary reward
Tornadoes, earthquakes, and blizzards
Hazard risk
A bowling alley and a sandwich shop
Indirect Competition
The most common medium of exchange in modern economic systems is
money
In what ways does the current economic landscape encourage or hinder entrepreneurship within the region?
Encourages: innovation; Hinders: costs.
If expenses are greater than income, there’s no____
reward
Possibility of loss, no change, or gain
Speculative risk
A spring clearance sale
Price competition
One of the reasons that a country needs an economic system is because it
has a limited supply of resources.
What role do local government policies play in fostering a supportive environment for small businesses in our community
Tax incentives, grants, regulations
In business terms, income is the money
received
Shifting to another person/business
Transferring risk
Delivery services to customers
Non-price Competition
Which of the following types of economic systems adopts the fewest new ideas and improvements:
Traditional
How has the technology sector specifically benefited the job market and innovation landscape here
Created jobs, spurred innovation
The amount of money paid for raw materials and products sold is called
cost of goods
Inflation and interest rate fluctuations
Southwest Airlines and United Airlines
Direct competition
In a __________ economy, the government controls the economic system and does not allow private ownership of the means of production and distribution.
communist command
How does the non-profit sector contribute to the quality of life for residents within this area?
providing essential social services, such as food and shelter, and by offering opportunities for health, education, and cultural enrichment.
The money spent to run a business is called
operating expense
Keeping away from
Avoiding risk
Manufacturers’ rebates
Price Competitions