Economic System
An economic and political system that emphasizes economic equality, and collective or public ownership of production.
What is Socialism?
What is what, how and for whom?
These are all the components needed for production including natural resources, labor, capital goods and expertise.
What is Resources?
Reports Revenues, expenses, and income(or loss) for a specific time period.
What is Profit and Loss Statement?
A roadmap of the business's goals and objectives, and the strategy and details of how those goals and objectives will be achieved
What is a business plan?
Companies are privately-owned, versus being owned by the government, and that assumes companies are built with a purpose of creating economic value through innovation, drive by profit-motive, and where prices are set by the market
What is Capitalism?
An economic system that is a blend of capitalism and socialism.
What is Mixed Economy?
Producers create the "supply" of goods and services.
What is Production?
the financial gain earned when the revenue generated from a business exceeds all the expenses associated with achieving that revenue, over a certain time period.
What is profit?
Let's owners legally use the brand, expertise, and established operational systems of an existing business, rather than starting from scratch.
What is franchise model?
An Economic and totalitarian political system whre there is no privately-owned property, where the government owns and controls the production and distribution of goods and services, where there are no classes, and people share equally from the benefits of labor.
What is Communism?
The united states economy is built around private enterprise with this economic system?
What is Capitalism?
They create the "demand" for goods and services.
What is Consumers?
What is profit motive?
Collects small amounts of capital from a large number of individuals to finance a new business venture or various other needs or projects.
What is Crowdfunding model?
Denmark, Canada, Sweden, Finland, and Norway are examples of what system?
What is Socialism?
It means the reality that people's wants always exceed the resources available to fulfill those wants.
What is scarcity?
They regulate business, and make and enforce laws?
What is Government?
What is Cost of Goods Sold?
Where the merchant sells products from its web store but doesn't keep an inventory or handle the fulfillment and shipping of the product; rather, it purchases the product from a third part as soon as the customer makes the purchase.
What is Dropshipping?
China,, North Korea, and Cuba are examples of what system?
What is communism?
The three main types of economic systems.
What is Command, Market and Traditional?
Consumers buy products in markets using some medium of exchange, usually money.
What is exchange?
An economic System where production, wages, and prices are determined via the application of the law of supply and demand, with little or no government regulations.
What is private enterprise?
Use an electronic medium to facilitate the buying and selling of products and services by businesses and consumers.
What is e-commerce?