EC-907(economic systems)
Free competition
What is a Market economy
Operating a roadside fruit stand
What is Freedom in the marketplace AND the profit motive
Profit
what is a monetary reward
Tornadoes, earthquakes, and blizzards
what is Hazard risk
A bowling alley and a sandwich shop
what is indirect competition
Welfare states
What is a socialist economy
Offering the same goods as another business for less money
What is Competition
Expenses
what is The money that a business spends
You could Win,Lose,Or maybe nothing happens
A spring clearance sale
what is price competiton
Lack of growth & progress
What is a traditional market
Determining price through supply and demand
What is The price-directed system
Profit motive
what is the desire/want for a monetary gain
Keeping away from
what is avoiding risk
Free tech support if you purchase a computer here
What is indirect competition
Government sets production quotas
Setting minimum wage guidelines
what is Limited government control
Gross profit
what is (Total income)-(cost of goods expenses)=Gross profit
Human errors
What is Operational risk
Government in a market/private enterprise economy
what is a regulator
North Korea
What is command/Communist economy
Starting your own restaurant
What is The profit motive, freedom in the marketplace
Private enterprise system
what is an economic system where individuals control the means of production rather than the government
taking actions to reduce
what is Mitigation(or prevention/controlling)
Sherman Anti-trust Act (1890)
what is a law that prevented the formation of monopolies