EC-907
what does each economic system contain
what are resources, markets, participants, and a medium of exchange
who in private enterprise economic systems own or control the economic resources
what are individuals and groups (rather than the government)
What is the meaning of demand?
What is the quantity of a good or service that buyers are ready to buy at a given price at a particular time
what is the meaning of Bilk
what is Cheat, swindle, defraud
what is a market structure
what is the type of market, or environment, in which businesses operate, and it is primarily based on the number of sellers in the market
why are economic systems needed
what is because no country has enough resources to supply everything its people want or need, and people are interdependent
what are disadvantages of private enterprise
what are periods of unemployment, poverty, and unequal distribution of wealth.
What is the meaning of efficiency
What is accomplishing a task with a minimum expenditure of time and effort
what is the meaning of contract
what is Agreement between two or more businesses or individuals stating that one party is to do something in return for something provided by the other party
what are the four main types of market structures
what is perfect competition, monopolistic competition, oligopoly, and monopoly
what are the major types of economic systems
what are traditional, command (divided into communism and socialism), and market
what are characteristics of a private enterprise system
what are freedom in the marketplace, private property, limited government control, competition, the profit motive, and the price-directed system
What is the meaning of gross profit?
What is money left after the cost-of-goods expense is subtracted from total income
what is the meaning of demand
what is The quantity of a good or service that buyers are ready to buy at a given price at a particular time
what is competition
what is the rivalry between two or more businesses to attract scarce customer dollars
how many basic economic questions each economic system must answer
what is three
what are economic freedoms in private enterprise
what are the freedom to choose your economic goals and the type of work you do, the freedom to make decisions about private property, and the freedom to compete
What is the meaning of net profit?
What is money left after the cost-of-goods expense and the operating expense are each subtracted from the total income
what is the meaning of external risks
what is Financial risks that a business cannot control, such as inflation and interest rate fluctuations
in what ways to businesses compete
what is either directly or indirectly
what are the three questions focused on
what is what will be produced, how products will be produced, and how products will be allocated
what are limits to economic freedom
what are competition among buyers, personal choices, certain laws, and taxes
What is the meaning of profit motive
What is the desire to make a profit, which moves people to invest in business
what is the meaning of free Enterprise
what is
An economic system in which individuals and groups, rather than the government, own or control the means of production—the human and natural resources and capital goods used to produce goods and services; also known as private enterprise
how is competition essential and what does it benefit
what is its essential in a private enterprise system, and it benefits businesses, customers, and society