EC-907
The most common medium of exchange in modern economic systems is
What is money?
In a private enterprise economic system, ____ own or control the economic resources
What is individuals and groups?
In business terms, profit is
What is a monetary reward?
Tornadoes, earthquakes, and blizzards are examples of this kind of risk
Each businesses is competing with ____ other businesses
What is all?
The type of economic system in the United States is
What is market?
Countries with socialist economic systems typically have higher ____ than countries with market economic systems
What are taxes?
In business terms, income is the money
What is received?
Rivalry for the sale of goods or services is also known as
What is competition?
A bowling alley and a sandwich shop are competing in this way
What is indirectly?
Government owns some basic means of production, but there is private ownership of business under
What is socialism?
Four characteristics of a private enterprise system are
What are freedom in the marketplace, private property, limited government control, and competition?
The amount of money paid for raw materials and products sold is called
What is cost of goods?
Inflation and interest rate fluctuations are examples of this kind of risk
What is financial risk?
A spring clearance sale is an example of this type of competition
What is price competition?
One of the reasons that a country needs an economic system is because it
What is has a limited supply of resources?
Three disadvantages of private enterprise are
What are periods of unemployment, poverty, and unequal distribution of wealth?
Each purchase strengthens the economy by encouraging
Trade
____ risk is when there is a possibility of loss, no change, or gain
What is speculative risk?
This is a common example of nonprice competition
What is providing exceptional quality?
The action consumers take that determines what will be produced in a market economy is
What is casting economic votes?
Three economic freedoms in private enterprise include
What are the freedom to choose the type of work you do, the freedom to make decisions about private property, and the freedom to compete?
A general benefit profit provides is
What are better wages?
____ risk can be insured
What is pure risk?
This type of competition is between two businesses offering very similar products
What is direct competition?