Term
| What is an economic system in which individuals and groups, rather than the government, own or control the means of production? |
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Definition
Private Enterprise
Free Market Economy
Private Profit System
Capitalism |
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Term
| What is the money remaining after operating expenses are subtracted from gross profit? |
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Definition
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Term
| Competition and shifts in consumer demand are two examples of what kinds of risk? |
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Definition
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Term
| What is the rivalry between two or more businesses to attract limited customer dollars? |
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Definition
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Term
| What is a condition in which a market is controlled by one supplier, and there are no substitute goods or services readily available? |
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Definition
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Term
| "Traditional","command" and "market" are types of ____? |
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Definition
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Term
| What is the amount and value of goods and services produced (output) from set amounts of resources (inputs)? |
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Definition
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Term
| What economic principle states that the lower the price, the more goods and services people will buy (and vice versa)? |
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Definition
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Term
| What is the money left after the cost of goods expense is subtracted form total income? |
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Definition
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Term
| What is the study of meeting unlimited, competing wants with limited resources? |
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Definition
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Term
| Although used to convey information, communication with positive words, gestures and body language is also an enhancement to interacting with customers, or providing good _____? |
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Definition
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Term
| Consumption, production, exchange, and distribution are all examples of _____? |
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Definition
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Term
| What is the benefit that is lost when you decide to use scarce resources for one purpose rather than for another? |
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Definition
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Term
| What kind of utility does marketing create through selling and promotion? |
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Definition
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Term
| What economic principle states that the supply of goods or services will increase when demand is great and decrease when demand is low? |
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Definition
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Term
| What is the amount of money paid for goods, services, or resources? |
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Definition
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Term
| What are a function of relative prices that encourage producers to change and reallocate their resources - also known as 'motivators'? |
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Definition
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Term
| The organized way in which a country handles its economic decisions and solves its economic problems is called a(n) ____? |
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Definition
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Term
| When the government steps in for the purpose of influencing or changing the economy, it is said to be ______? |
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Definition
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Term
| What economic principle states that the higher the price, the more goods and services will be offered for sale? |
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Definition
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Term
| What is the chief way feedback -- either negative or positive -- can help you? |
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Definition
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Term
| What is the process of effectively "fitting" yourself to a particular set of circumstances? |
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Definition
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