EC-907
These are the elements of all economic systems
what is market economy or a market system
the two types of competition
what is direct and indirect competition?
example of risk in everyday life
what is driving to work?
profit is
these are the types of economic systems
what is traditional, command, and market
anything of value that people own is considered
what is private property?
is competition good or bad for buisnesses
what is good?
income is
what is the money received?
these are the two primary types of command economic systems
the desire to make profit is called
what is the profit motive?
example of direct competition
what is Netflix and Hulu?
classifications of business risk
what is hazard, operational, strategic, and financial
operating expense
what is money spent to run a buisness?
an example of communism
what is China, North Korea, Cuba, and Soviet Union
in a private enterprise economic system they own or control economic resources
who is individuals and groups?
competition is good for
what is efficiency?
speculative risks
what is possibility of loss, no change, or gain
the point of gross profit
what is shows businesses the difference in what they've spent and received
an example of socialism
what is Norway, Sweden, and Denmark
all economic systems must answer these three questions
what is:
what goods and services will be produced?
how will these goods and services be produced?
for whom will these goods and services be produced?
the 4 types of market structures
what is perfect competition, monopolistic competition, oligopoly, and monopoly?
4 ways to handle risk
what is avoiding, preventing/controlling, transferring, and retaining
what is in demand?