EC-907
A monetary reward
what is profit?
The basic role of the United States government
what is protecting the U.S citizens?
The money spent to run a business
operating expense
Tornadoes, earthquakes, and blizzards
what is a hazard risk?
rivalry between businesses that offer similar types of goods or services
what is direct competition?
Market economic system
what is free competition?
The economic basis for the private enterprise economic system
what is the profit move?
The amount of money paid for raw materials and products sold
what is cost of goods?
Possibility of loss or no loss
what is a pure risk?
One way that competition helps build a prosperous society
what is creating new jobs?
a potential problem in market economies
what is financial loss?
Setting minimum wage guidelines
what is limited government control?
Money left after the cost-of-goods expense is subtracted from total income
what is gross profit?
Keeping away from
what is avoiding risk?
A rivalry between businesses that focuses on the use of price to attract scarce customer dollars
what is price competition?
The most common medium of exchange in modern economic systems
what is money?
Determining price through supply and demand
what is the price-directed system?
accomplishing a task with a minimum expenditure of time and effort
what is accomplishing a task with a minimum expenditure of time and effort efficiency?
Human errors
what is operational risk?
A monopoly that the government allows to exist legally under controlled conditions
What are regulated monopolies?
In a socialist economic system someone tends to answer the question of how products will be produced
what is the Government and businesses?
They encourage the development of new products
What is an entrepreneur?
If no profit is generated for an extended period, a business must
what is shutting down?
Inflation and interest rate fluctuations
what is financial risk?
A type of market structure in which a lot of businesses sell similar products that have only a few differences
what is monopolistic competition?